Fluent entered into a new five-year credit agreement, consisting of a $50.0 million term loan and a revolving credit facility of up to $15.0 million, provided by Citizens Bank as administrative agent, lead arranger and bookrunner, and BankUnited and Silicon Valley Bank.

The proceeds of the term loan will be used to repay all outstanding amounts under Fluent’s previous credit facility (the “Refinanced Term Loan”), to pay transaction fees and expenses, and for working capital and other general corporate purposes.

Borrowings under the new credit facility bear a floating rate of interest with a LIBOR margin of between 1.75% and 2.75%, which compares favorably to a LIBOR margin of 7.00% under the Refinanced Term Loan. The new credit facility will mature on March 31, 2026.

“This refinancing brings many benefits to Fluent, including considerably lowering our cost of debt capital, enhancing our financial flexibility and providing additional capital to support future growth opportunities,” commented Alex Mandel, Chief Financial Officer of Fluent.

Ryan Schulke, Fluent’s Chief Executive Officer, commented, “We’re thrilled to be partnering with Citizens Bank, BankUnited and SVB on this important transaction and in our journey ahead. In providing this new credit facility, these strategic capital relationships demonstrate confidence and trust in our long-term strategic plan and market opportunity. We are also sincerely appreciative of HIG Whitehorse for their partnership and support under our previous credit facility over the past five years.”