SurveyMonkey, a Menlo Park, CA-based provider of web-based survey solutions, has completed a $100m senior debt financing with a group of banks.
The proceeds are being used to retire the company’s existing debt and for general corporate purposes. In particular, the financing lowers the overall cost of capital while giving SurveyMonkey added flexibility for future acquisitions.
The transaction was led by Bank of America Merrill Lynch and SunTrust Robinson Humphrey, Inc.
Other banks participating in the syndicate include JPMorgan Chase Bank, N.A., Royal Bank of Canada, Webster Bank, N.A. and Zions First National Bank.
Founded in 1999, the company currently handles over 25 million online survey responses per month serving individuals, corporations, non-profits, governments and schools. Earlier this year SurveyMonkey expanded into telephone-based surveys when it acquired Precision Polling.
Investors in the company include Spectrum Equity Investors and Bain Capital Ventures.