Oversee.net Secures $60 Million Credit Line
Oversee.net, the parent company of domain name parking provider DomainSponsor, has arranged a $60 million line of credit from 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.
Oversee.net was founded in 2001 by Lawrence Ng and Fred Hsu, then 21 years old, and flourished from its inception without outside funding. The company now has 150 employees and owns a portfolio of more than 500,000 domain names. The $60 million line of credit will help the company compete with well funded competitors such as iREIT, Demand Media, and Marchex.
Oversee.net's online properties include domainsponsor.com (domain monetization), revenue.net (search advertising), low.com (mortgage lead generation), lowfares.com (trade lead generation), and livedigital.com (multimedia platform).
What would you do with $60 million?
[...] Si hace unos meses preguntaba donde invertiriais 60.000 euros, hoy en Daily Domainer plantean la pregunta retórica de ¿Dónde invertirias 60 millones de dólares? [...]
Very good move of oversee to dominate the market. they already aquired snapnames and trafficclub.