Company takes action to enhance financial
flexibility
NEW YORK, June 1, 2020 /PRNewswire/ -- MDC Partners Inc.
(the "Company") (NASDAQ: MDCA) today announced that the
Company has amended its existing senior secured revolving credit
facility with Wells Fargo Capital Finance, LLC, as agent, extending
the maturity date to February 3,
2022.
"We are pleased to have successfully extended our credit
facility, particularly within this unprecedented environment," said
Mark Penn, Chairman and Chief
Executive Officer of the Company. "We appreciate the support of our
longstanding lending partners who recognized the underlying
strength of our business in putting together this amendment, which
ensures continued financial flexibility as we lead our clients
through this period. Over the last year, we have significantly
improved our operating performance, balance sheet strength, cash
generation and go-to-market strategy. Despite global economic
conditions in the quarter, we have maintained a net borrowing
position of zero under the facility after taking into account cash
on hand. Given all of this, echoing another CEO, I would say
that MDC is indeed a 'very valuable company at these prices.'"
For further information, please see the Company's current report
on Form 8-K filed with the Securities and Exchange Commission on
June 1, 2020.
About MDC Partners Inc.
MDC Partners is one of the most influential marketing and
communications networks in the world. As "The Place Where Great
Talent Lives," MDC Partners is celebrated for its innovative
advertising, public relations, branding, digital, social and event
marketing agency partners, which are responsible for some of the
most memorable and effective campaigns for the world's most
respected brands. By leveraging technology, data analytics,
insights and strategic consulting solutions, MDC Partners drives
creative excellence, business growth and measurable return on
marketing investment for over 1,700 clients worldwide. For more
information about MDC Partners and its partner firms, visit our
website at mdc-partners.com and follow us on Twitter at
twitter.com/mdcpartners.
CONTACT:
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Erica
Bartsch
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Sloane &
Company
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212-446-1875
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IR@mdc-partners.com
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SOURCE MDC Partners Inc.