On October 19, 2009
MDC Partners Adds Debt Following Revenue Decline
MDC Partners is taking on $275 million in new debt at a time when its revenues are in decline, according to an SEC filing. It’s selling $200 million in debt due in 2016 in order to pay off a $45 million Canadian loan due in 2010. It’s also adding “a new 5-year US$75 million revolving credit facility” to replace its $12 million revolver. The company’s revenues declined 14 percent to $135 million.
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