Funding in Place to Close Vyvx Transaction and for Other Growth Initiatives
DG FastChannel, Inc. (NASDAQ: DGIT), a leading provider of digital media services to the advertising, entertainment and broadcast industries, today announced that it closed a new six–year, $145 million senior credit facility with BMO Capital Markets as lead arranger. The senior credit facility consists of $115 million in term loans and a $30 million revolving credit facility. The new expanded facility replaces DG FastChannel’s prior $85 million credit facility.
The bank group consists of: BMO Capital Markets (lead arranger), Wachovia Bank, N.A., Webster Bank, N.A., Citibank, N.A., Fifth Third Bank, First Tennessee Bank, N.A., First Bank, and Bank of the West.
DG FastChannel intends to use the borrowings under the new $145 million credit facility to fund the previously announced acquisition of the Vyvx advertising services business and for general corporate purposes. DG FastChannel has also obtained a financing commitment from BMO Capital Markets for a two-year $65 million bridge loan. The Vyvx transaction is expected to close in the 2008 second quarter subject to securing regulatory approvals and the satisfaction of other customary closing conditions. As of December 31, 2007, DG FastChannel, Inc. had net debt of $34.7 million and total debt of $44.8 million.
Omar Choucair, Chief Financial Officer of DG FastChannel, stated, “We value BMO’s relationship and appreciate the entire bank group’s confidence in DG FastChannel and our plans for growth. The new credit facility provides an attractive cost of capital, available funding to close the Vyvx transaction and the financial flexibility to continue pursuing our strategies for growth and expansion.”
About DG FastChannel, Inc.
DG FastChannel provides innovative, technology-based solutions to help advertisers and agencies work faster, smarter and more competitively. DG FastChannel delivers the standard in digital media services to the advertising, broadcast and publishing industries. The Company utilizes satellite and Internet transmission technologies and has deployed a suite of digital media intelligence and asset management tools designed specifically for the advertising industry, including creative and production resources, broadcast verification, and digital asset management. The Company has an online media distribution network used by more than 5,000 advertisers and agencies, and over 21,000 online radio, television, cable, network and print publishing destinations. For more information visit www.dgfastchannel.com.
Forward-Looking Statements
This release contains forward-looking statements relating to the Company, including the expansion of its digital distribution network, the demand among certain clients for digital audio and video delivery services and its expectations of operations of the recently acquired Point.360 advertising distribution operations, GTN advertising distribution operations, its strategic alliance with Enliven Marketing Technologies and its announcement to purchase the Vyvx advertising distribution assets from Level 3. These forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These and other risks relating to DG FastChannel’s business are set forth in the Company’s filings with the Securities and Exchange Commission. DG FastChannel assumes no obligation to publicly update or revise any forward-looking statements.
Contact:DG FastChannel, Inc. Omar Choucair Chief Financial Officer 972-581-2000
Simian Gets An Evolutionary Boost For Collaboration, Reveals “Teams”
Simian, the showreel-building, review & approval, and production asset management platform used globally by creative leaders, is kicking off this fall season with a substantial leap forward for collaboration and project management – with more updates on the way during the holidays!
The new feature, aptly dubbed “Teams”, makes it easier than ever for users to give project responsibilities to team members and clients alike. “You can never have too many options when it comes to permission levels,” says Jay Brooks, Simian’s Chief Technology Officer. “Teams provides a streamlined way to assign multiple users to a project at once.”
“Teams are very powerful, but creating one is effortless,” Brian Atton, Simian’s Chief Operating Officer explains. “Simply enter a Team name, add members, and then apply the newly made Team to any desired project. You can even invite temporary guests without changing settings for other projects or needing to create a new Team.”
“We love helping our clients by providing efficient tools to improve their workflow, and this has been a frequently requested feature as of late,” shares Kellie Atton, Head of Sales at Simian. “It feels great to get Teams out into the wild because I know it’s going to be tremendously helpful to everyone who uses it”.
Teams is now available exclusively to Simian’s enterprise clients. Simian plans to release more product upgrades and enhancements during Q4 2024 and 2025 for enterprise and non-enterprise users, continuing its ongoing evolution as the industry’s leading production asset management solution.
For more information on Simian upgrades and features, visit https://www.gosimian.com/
About Simian
Simian (