IAC Inc.'s wholly owned subsidiary, Dotdash Meredith Inc. $(DDM)$, has announced an agreement to sell $400 million in senior secured notes, carrying an interest rate of 7.625% and due in 2032. The proceeds from this private offering, in conjunction with a new $700 million term loan B facility and existing cash, will be used to repay DDM's current $1.18 billion term loan B-1 facility, alongside covering related fees and expenses. The completion of the offering and the new loan facility is anticipated around June 16, 2025, pending customary closing conditions.
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