NEW HOPE, Pa.--(BUSINESS WIRE)--The Meet Group, Inc. (NASDAQ: MEET), a leading provider of interactive livestreaming solutions, today announced the successful completion of its debt refinancing and reported on its share repurchase progress.
The new $60 million credit facility consists of a $35 million term loan which was fully drawn at closing and a $25 million revolving line of credit for general corporate purposes. The new facility replaces and terminates the Company’s prior facility. The new term loan matures on August 29, 2022 and amortizes at 10% per year, a reduction from 25% per year in the prior facility.
Geoff Cook, CEO of The Meet Group, commented, “The strong execution of our livestreaming video strategy has enabled us to improve our financial position and successfully refinance our debt. In addition to reducing our cost of borrowing, the new debt facility allows for increased annual spending for share repurchases of up to $30 million annually, up from $10 million annually allowed under the prior facility.
“We have been actively buying the Company’s stock over the past several months and are committed to continuing the program,” added Cook. “We believe that current prices provide an attractive basis for repurchase.”
As of August 30, 2019, the Company had repurchased 2.54 million shares of its common stock for approximately $9 million under the current $30 million plan authorized through 2021.
The new credit facility was provided through a banking syndicate arranged by BofA Securities, Inc. and JPMorgan Chase Bank, N.A.
About The Meet Group
The Meet Group (NASDAQ: MEET) is a leading provider of interactive livestreaming solutions designed to meet the universal need for human connection. Our ecosystem of livestreaming apps enables users around the world to interact through one-to-many livestreaming broadcasts and text-based conversations. Our top apps, MeetMe®, LOVOO®, Skout®, Tagged® and Growlr®, deliver live interactions and meaningful connections to millions of users daily. Headquartered in New Hope, PA, we have offices in Philadelphia, San Francisco, Dresden, and Berlin. The Meet Group is committed to safety. You can find a description of current safety practices here: https://www.themeetgroup.com/safety-practices/. For more information, visit themeetgroup.com, and follow us on Facebook, Twitter or LinkedIn.
