S.F.-Based Banks.com Secured Credit Facility, Pays Off Notes

San Francisco -- Banks.com, a San Francisco-based provider of targeted online advertising and services in the financial services sector, said on Monday that it has secured a $2.5 million working capital facility from Silicon Valley Bank. The company also said that it has paid off the remaining balance on its mezzanine debt notes held by CapitalSouth Partners and Harbert Management. "Reestablishing our credit facility with Silicon Valley Bank allows us to pay off the balance of our mezzanine debt, remove the overhang of the balloon payment we had coming due in June and provides us with greater working capital flexibility for growth," said Dan O'Donnell, the president and CEO of Banks.com.
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