Rocket Fuel Announces $100 Million Credit Facility
REDWOOD CITY, Calif., Dec. 26, 2013 (GLOBE NEWSWIRE) -- Rocket Fuel Inc.,
(Nasdaq:FUEL), a leading provider of artificial intelligence (AI) advertising
solutions for digital marketers, today announced that it had entered into a
$100 million syndicated credit facility led by Comerica Bank on December 20,
2013. The syndicate also includes Silicon Valley Bank and City National Bank.
This credit facility amends and restates Rocket Fuel's existing Loan and
Security Agreement dated April 7, 2010.
J. Peter Bardwick, Rocket Fuel's CFO, said, "This increase in our banking
lines, plus our strong cash position of $125 million at the end of the third
quarter, gives us flexibility to fund our growth effectively. We appreciate
the support of our lenders and are excited to enter 2014 in such a strong
With the amended facility, Rocket Fuel's liquidity reserves comprising cash
and committed credit facilities will help support future growth and financial
flexibility for Rocket Fuel in the coming years. The facility is available to
fund working capital growth, capital expenditures, and other general corporate
purposes. The facility expires on December 20, 2018 with respect to term loans
and on December 20, 2016 with respect to revolving loans.
"The innovative work that Rocket Fuel is doing is reflective in its recent
successes and growth in the market," says Dennis Rapoport, Comerica Bank vice
president. "We are happy to continue our partnership with Rocket Fuel and
excited to see what is in store for 2014."
About Rocket Fuel
Rocket Fuel delivers a leading programmatic media-buying platform at Big Data
scale that harnesses the power of artificial intelligence (AI) to improve
marketing ROI in digital media across web, mobile, video, and social channels.
Rocket Fuel powers digital advertising and marketing programs globally for
customers in North America, Europe, and Japan. Customers trust Rocket Fuel's
Advertising That Learns ® platform to achieve brand and direct-response
objectives in diverse industries from luxury cars to groceries to retail.
Rocket Fuel currently operates in over 20 offices worldwide and trades on the
NASDAQ under the ticker symbol "FUEL." For more information, please visit
http://www.rocketfuel.com or call 1-888-717-8873.
About Comerica Incorporated
Comerica Incorporated (NYSE:CMA) is a financial services company headquartered
in Dallas, Texas, and strategically aligned by three business segments: The
Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on
relationships, and helping people and businesses be successful. In addition to
Texas, Comerica Bank locations can be found in Arizona, California, Florida
and Michigan, with select businesses operating in several other states, as
well as in Canada and Mexico. Comerica reported total assets of $64.7 billion
at September 30, 2013.
CONTACT: Investor Relations:
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