Oversee.net Establishes New $60 Million Credit Facility
1/18/07 – Los Angeles-based Oversee.net today announced that it has established a $60 million, five-year, secured revolving credit facility. According to the company, the credit facility was arranged and managed by Banc of America Securities LLC. Bank of America, N.A., will serve as administrative agent. A syndicate of lenders and financial institutions is participating in the facility with Bank of America, including Comerica Bank, California Bank and Trust and Silicon Valley Bank.
“We are pleased to have established this revolving credit line,” said Lawrence Ng, CEO and co-founder of Oversee.net. “This line of credit will give us additional financial flexibility to support Oversee’s aggressive growth plans. Because of the company’s excellent credit history, we were able to execute this transaction on very favorable terms.”
Oversee.net plans to utilize the credit facility for acquisitions, working capital and other general corporate purposes. During the past year, the company has pursued an aggressive acquisition program, purchasing domain portfolios and established lines of business. It monetizes more than 2.5 million domain names through its DomainSponsor business and owns a portfolio of more than 500,000 names. In addition, Oversee recently announced the purchase of LowFares.com, the premier travel product comparison research site for consumers.
Oversee.net – www.oversee.net
