Thursday, July 17, 2008
United Online Gets Funds For Acquisition
Woodland Hills-based United Online, which operates consumer Internet dial-up and other services, said this morning that it has received a commitment from Silicon Valley Bank for $60M in a senior secured term loan facility. The company said it would use the facility to fund a portion of the cash acquisition of FTD Group. United Online had said it would buy FTD Group, a provider of floral delivery services and related products, in April. According to United Online, the deal will be worth approximately $434M, as a combination of $307M in cash and 12.35M shares of United Online Stock, to FTD stockholders.