Meetings technology firm Cvent has closed a new US$500
million, five-year senior secured revolving credit facility that will help it
"pursue strategic opportunities to expand its market leadership position
and deepen its platform capabilities", the company announced Tuesday.
The new facility was secured through a syndicate of banks
led by PNC Bank and replaces Cvent's current $266 million term loan facility
and $40 million revolving credit facility, according to the company. Cvent
through the refinancing deal expects to realise annual interest savings of
about $4 million.
"We are pleased with the more favourable terms of this
new loan facility and the financial flexibility it gives us moving
forward," Cvent CFO Billy Newman said in a statement. "The increase
of our borrowing capacity enhances our ability to pursue strategic growth
opportunities as we focus on delivering long-term shareholder returns."