Oversee.net Establishes New $60 Million Credit Facility

January 19, 2007; 12:31 AM
Oversee.net, a technology-driven media company, today announced that it has established a $60 million, five-year, secured revolving credit facility. The credit facility was arranged and managed by Banc of America Securities LLC. Bank of America, N.A. will serve as administrative agent. A syndicate of lenders and financial institutions is participating in the facility with Bank of America, including Comerica Bank, California Bank and Trust and Silicon Valley Bank.

“We are pleased to have established this revolving credit line,” said Lawrence Ng, Oversee Chief Executive Officer and Co-Founder. “This line of credit will give us additional financial flexibility to support Oversee’s aggressive growth plans. Because of the Company’s excellent credit history, we were able to execute this transaction on very favorable terms.”

Oversee.net plans to utilize the credit facility for acquisitions, working capital, and other general corporate purposes. During the past year, the Company has pursued an aggressive acquisition program, purchasing domain portfolios and established lines of business. It monetizes more than 2.5 million domain names through its DomainSponsor business and owns a portfolio of more than half a million names. In addition, Oversee recently announced the purchase of LowFares.com, the premier travel product comparison research site for consumers.

About Oversee.net

Oversee.net is a technology-driven media company that was recently recognized as the third fastest growing private company in Los Angeles by the Los Angeles Business Journal. Its businesses are leaders in direct navigation, lead generation and online advertising solutions, all focused on delivering quality traffic on the Internet. Oversee, which was founded in 2000, has over 150 employees and has been growing profitably since inception. For more information, please visit http://www.oversee.net.

Oversee.net, Josh Armstrong, General Counsel and VP, Business Affairs, 213-408-0534, [email protected], or Media Relations Contact: Oversee.net Public Relations, Corinne Forti, 805-368-8665, [email protected]