Zynga May Borrow Up To $1 Billion in New Revolving Credit Agreement, Revised IPO Filing Says
Zynga set up a revolving credit agreement in July, allowing it to borrow up to $1 billion in revolving loans, according to an amended IPO filing released today. This could help the company make big ticket acquisitions, especially as it looks to break into mobile gaming. It could also help the company buy time if it wants to wait for better market conditions for its IPO.
The company paid upfront fees of $2.5 million and is required to pay commitment fees of up to $625,000 a quarter based on the portion of the credit facility it draws down.
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