LGBTQ social network Grindr has completed a refinancing after securing credit facilities worth $350 million. The platform reached an agreement with a number of top banks to put this structure in place, boosting its balance sheet in the process.
The $350 million, which is made up of a new $300 million Term Loan A facility and a $50 million Revolving Credit facility, represents strengthening relationships between Grindr and a number of leading banks. These include J.P. Morgan, Bank of America, Silicon Valley Bank, and others.
Grindr’s CFO Vanna Krantz explained that this new agreement reduces cash interest expense, helping the company’s profitability numbers and balance sheet. “We are excited about Grindr’s strong growth potential next year and beyond”, she shared.
“Restructuring our high-cost lending facility was a key objective in our first year as a public company, and we’re very pleased with our successful outcome, especially in a challenging interest rate environment”, Krantz added.
Grindr went public in late 2022, and has started to see mpressive results recently. Its Q3 2023 report pointed out a +39% year-over-year growth in revenue for the LGBTQ dating brand, as well as a +18% year-over-year growth in average paying users.
“We would like to thank our new financial partners for backing Grindr and the diverse gay community we represent,” said Grindr CEO George Arison.
“This is very meaningful, and I’m proud to have the support of some of the world’s leading financial institutions in enabling a more open and welcoming financial ecosystem. We look forward to continuing our work to create a world where the lives of our users are free, equal, and just”, he highlighted.
Read the full announcement from Grindr about its new credit facilities here.
