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 position."
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: Alex Wellins The Blueshirt Group (415) 217-5861 firstname.lastname@example.orgSource:Rocket Fuel Inc.