Palo Alto, CA – October 19, 2011 – ORIX Venture Finance LLC announced today the closing of a combined $30 million senior secured debt facility to Angie’s List, Inc. The facility, consisting of a non-amortizing term loan from ORIX Venture Finance and a creatively structured revolving line of credit from Bridge Bank, N.A., met the unique needs of this company. Proceeds were used to refinance existing debt and provide working capital.
The financing facility underscores the commitment of ORIX Venture Finance to provide a broad array of flexible debt arrangements to technology-enabled growth companies. Michael David, Managing Director and Co-Head of ORIX Venture Finance, said,” I have followed Angie’s List for the last several years, and have been impressed by the clear vision of its management team, and its steady and focused growth. We are delighted to join forces with Bridge Bank on this project.”
Dick Sweeney, Northeast Market Manager with Bridge Bank’s Technology Division added, “Angie’s List is one of America’s great entrepreneurial success stories and we are proud to join ORIX Venture Finance in supporting the company’s future growth.”
Robert Millard, Chief Financial Officer of Angie’s List, credited the financial partners with putting together a great team and structure. “We’re excited to work with ORIX and Bridge Bank as we continue to grow,” Millard said.
About ORIX Venture Finance
ORIX Venture Finance, a business unit of ORIX USA Corporation, provides customized financial solutions to mid- and late-stage companies which have established customers and run-rate revenues of $10 million or greater. Since its inception in 2001, ORIX Venture Finance has invested in 90 growth companies throughout the U. S. and Canada. www.orixventurefinance.com. ORIX USA Corporation (test.orix.com) is a financial conglomerate with operations or investments across corporate, real estate and public finance markets as well as advisory services and asset management. ORIX USA’s public parent is ORIX Corporation, an, international financial services company established in 1964 with headquarters in Tokyo and operations in 27 countries. ORIX Corporation is listed on the Tokyo (8591) and New York (NYSE:IX stock exchanges.
About Bridge Bank, National Association
Bridge Bank, N.A. (NASDAQ:BBNK) was founded in 2001 as a full-service professional business bank headquartered in Silicon Valley to meet the unique and varied needs of small and middle market businesses from across many industries, and at all stages – from inception to IPO and beyond – with an emphasis on corporate banking and emerging technology companies. Bridge Bank’s team of highly-qualified, experienced business bankers create customized solutions to assist entrepreneurs, business owners, and managers to reach their goals. www.bridgebank.com
About Angie’s List
Angie’s List collects consumer reviews on local contractors and doctors in more than 500 service categories. Currently, more than 1.5 million consumers across the U.S. and Canada rely on Angie’s List to help them make the best hiring decisions. Members get unlimited access to local ratings via Internet or phone, exclusive discounts, the Angie’s List magazine and help from the Angie’s List complaint resolution service.
C. Pharr & Company for ORIX Venture Finance Shelby Sabin Menczer, 214-763-6068 Shelby@pharrpr.com