GoTo Announces Debt Exchange Offer After Raising $100 Million
#GoTo Group has announced the launch of a debt exchange offer after raising $100 million in new capital.
Certain lenders collectively invested $100 million with the closing of the debt exchange, with GoTo stating this demonstrates their confidence in the company.
As well as the debt exchange closing with significant funds, all revolving lenders unanimously agreed to extend the timeframe on GoTo’s $250 million revolving credit facility for over two years, bolstering the Company’s liquidity position.
As a consequence of the transaction, GoTo anticipates a substantial reduction in its debt balance and interest expenses. However, there will be no impact on GoTo’s equity ownership as a result.
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