NEW YORK, June 5, 2025 /PRNewswire/ -- IAC Inc. (NASDAQ:IAC) ("IAC") announced today that its wholly owned subsidiary, Dotdash Meredith Inc. ("DDM"), has agreed to sell $400 million aggregate principal amount of 7.625% senior secured notes due 2032 (the "Notes") in a private offering (the "Offering"). The Notes will bear interest at an interest rate of 7.625% per annum and will be issued at 100.00% of their face value. DDM's obligations under the Notes will be guaranteed on a senior secured basis by certain of DDM's subsidiaries.

DDM intends to use the proceeds of the offering, together with the borrowings under DDM's new $700.0 million term loan B facility and cash on hand, to repay all of the indebtedness outstanding under DDM's existing $1.18 billion term loan B-1 facility and to pay related fees and expenses. The closings of each of the Offering and new term loan B facility are expected to occur on or about June 16, 2025, each subject to the satisfaction of customary closing conditions.

The Offering is being made only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States without registration except pursuant to an exemption from, or in a transaction not subject to, the registration requirements under the Securities Act and any state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offers of the Notes will be made only by means of a private offering memorandum.

About IAC

IAC (NASDAQ:IAC) builds companies. We are guided by curiosity, a questioning of the status quo, and a desire to invent or acquire new products and brands. From the single seed that started as IAC nearly three decades ago have emerged 10 independent, public-traded companies and generations of exceptional leaders. We will always evolve, but our basic principles of financially-disciplined opportunism will never change. IAC is today comprised of category-leading businesses Dotdash Meredith (DDM) and Care.com among others and holds strategic equity positions in MGM Resorts International and Turo Inc. IAC is headquartered in New York City.

About DDM

DDM is the largest digital and print publisher in America. More than 150 million people trust DDM each month to help them make decisions, take action, and find inspiration. DDM's over 40 iconic brands include PEOPLE, Better Homes & Gardens, Verywell, Food & Wine, The Spruce, Allrecipes, Byrdie, REAL SIMPLE, Investopedia, and Southern Living. DDM is based in New York City and is an operating business of IAC (NASDAQ:IAC).

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "anticipates," "estimates," "expects," "plans" and "believes," among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements relating to: the completion of the Offering, the future financial performance of DDM, DDM's business prospects and strategy, anticipated trends and prospects in the industries in which DDM's businesses operate and other similar matters.

Actual results could differ materially from those contained in these forward-looking statements for a variety of reasons, including the risk that the Offering may not be completed on its proposed terms or at all, and the other risks and uncertainties described in IAC's filings with the Securities and Exchange Commission (the "SEC"), including the most recent Annual Report on Form 10-K filed with the SEC on February 28, 2025, and subsequent reports that IAC files with the SEC. Other unknown or unpredictable factors that could also adversely affect DDM's business, financial condition and results of operations may arise from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those expressed in any forward-looking statements we may make. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

IAC Investor Relations

Mark Schneider

(212) 314-7400

IAC Corporate Communications

Valerie Combs

(212) 314-7251

IAC

555 West 18th Street

New York, NY 10011

(212) 314-7300

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SOURCE IAC

IAC Inc. Announces Pricing of Offering of Senior Secured Notes of Dotdash Meredith