LendingTree – the nation’s leading online financial services marketplace – announced that it had secured up to $175 million in financing through a first-lien term loan facility from funds managed by Apollo affiliates. LendingTree plans to draw $125 million from the facility upon funding, while the remainder will be available as a delayed draw the following year.
These funds will be used for general corporate purposes, including repayment of existing debt.
Last month, LendingTree CEO Doug Lebda pointed out that the company has been durable despite adverse economic conditions. The company generated another quarter of solid results despite pressure from persistent inflation and higher interest rates. The company has been focused on reducing operating costs, improving technology and data infrastructure, and fortifying the balance sheet.
KEY QUOTES:
“This financing with Apollo Funds represents a critical step in the growth trajectory of our business as we build on the significant progress to-date in streamlining our company and fortifying our balance sheet while we continue to innovate on behalf of our customers and partners. With an improved financial position, we believe the business is well positioned to capitalize on attractive opportunities across the LendingTree ecosystem.”
- LendingTree CFO Trent Ziegler
“We are pleased to support LendingTree with this customized financing solution to enhance the company’s financial flexibility and better position it to navigate the current market environment.”
- Apollo Partner Robert Givone
