PROVO, Utah, May 15, 2013 (GLOBE NEWSWIRE) -- Ancestry.com, the world's largest online family history resource, today announced that it has refinanced its Term Loan due December 2018 (the "Old Term Loan"), which had an outstanding balance of approximately $668.3 million immediately prior to the refinancing, for an amended term B loan of approximately $488.3 million due December 2018 (the "Term Loan B") and a term A loan of $150 million due May 2018 (the "Term Loan A").
The Old Term Loan had a floating rate of LIBOR plus 5.75%, subject to a 125 basis point floor. The Term Loan B has a floating rate of LIBOR plus 4.00%, subject to a 125 basis point floor. The Term Loan A has a floating rate of LIBOR plus 3.25%, subject to a 100 basis point floor. Ancestry.com continues to have a $50 million revolving credit facility that matures December 2017.
Additionally, Ancestry.com LLC (the "Company") used $30 million of cash-on-hand to decrease the aggregate principal amount of the Old Term Loan. The Company expects the new debt structure will reduce interest expenses and will provide additional financial flexibility. Subsequent to the refinancing, the Company has total outstanding debt of $938 million.
About Ancestry.com
Ancestry.com LLC is the world's largest online family history resource with approximately 2.7 million paying subscribers across all its websites. More than 11 billion records have been added to the Ancestry.com sites and users have created more than 47 million family trees containing more than 5 billion profiles. In addition to its flagship site www.ancestry.com, the company operates several Ancestry international websites along with a suite of online family history brands including Archives.com, Fold3.com and Newspapers.com, all designed to empower people to discover, preserve and share their family history.
Forward-Looking Statements
This press release contains forward-looking statements. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, or achievements to be materially different from those anticipated in these forward-looking statements. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond the Company's control. In particular, such risks and uncertainties include market conditions; the Company's substantial debt obligations as a result of the acquisition of the Company by a company controlled by the Permira funds and co-investors; the availability of cash and credit; failure to achieve anticipated revenues and operating performance; changes in overall economic conditions; pricing and gross margin pressures; inability to control costs and expenses; and significant litigation.
These forward-looking statements should not be relied upon as representing our views as of any subsequent date and we assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise.