An online lending exchange company, LendingTree has announced securing $175 million in financing from funds managed by Apollo affiliates.
LendingTree CFO, Trent Ziegler, confirmed the funding in a press release seen by Newsng on Thursday.
The company was launched in 1998 by Alex Haditaghi, Douglas Lebda, and Jamey Bennett.
The corporation stated that upon funding, it will withdraw $125 million from the first lien-term loan facility and use it for general corporate operations, which may include paying off outstanding debt.
The corporation stated that upon funding, it will withdraw $125 million from the first lien-term loan facility and use it for general corporate operations, which may include paying off outstanding debt.
“This financing with Apollo Funds represents a critical step in the growth trajectory of our business as we build on the significant progress to date in streamlining our company and fortifying our balance sheet while we continue to innovate on behalf of our customers and partners,” Ziegler said in the release.
“With an improved financial position, we believe the business is well positioned to capitalize on attractive opportunities across the LendingTree ecosystem,” Ziegler added.
Apollo Partner Robert Givone said in the release: “We are pleased to support LendingTree with this customized financing solution to enhance the company’s financial flexibility and better position it to navigate the current market environment.”
The company declared last year that it had repurchased the principal amount of its outstanding 0.50% Convertible Senior Notes due 2025 for an approximate total of $100 million.
According to information obtained by News.ng, the Company retired the notes for a total of about $81.4 million in cash through discrete, personally negotiated transactions with particular holders.
News.ng earlier reported that 0G Labs, a web3 infrastructure firm, has secured $35 million in a pre-seed round to expand infrastructure to address the speed and cost-efficiency issues with on-chain AI applications in the web3 ecosystem.
