Cvent Secures Credit Deal for ‘Strategic Growth’

Meetings technology firm Cvent has closed a new $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 realize annual interest savings of about $4 million.

“We are pleased with the more favorable 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.”

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