On December 29, 2022, Digital Media Solutions, LLC drew $35.0 million under its $50 million senior secured revolving credit facility (the Revolving Facility"), which is maintained under May 25, 2021 senior secured credit facility (the Credit Facility") with a syndicate of lenders (Lenders"), arranged by Truist Bank and Fifth Third Bank, as joint lead arrangers, and Truist Bank, as administrative agent. Together with the previously disclosed draw of $5.0 million on October 4, 2022, $40.0 million is currently outstanding under Revolving Facility. The Company intends to use the borrowings for general corporate purposes, including certain acquisition opportunities that it is considering.

In the event that no acquisition opportunity is realized, the Company intends to repay all or a substantial portion of the $35.0 million draw-down. As of December 31, 2022, the Company had approximately $48.9 million in cash on the unaudited consolidated balance sheet, inclusive of the draw-downs under the Revolving Facility. The approximate cash amount as of December 31, 2022, is preliminary and subject to change as part of the Company's normal fiscal year closing process, which has not yet been completed.

As of December 31, 2022, the effective interest rate on the borrowings under the Revolving Facility was 8.6%. Under the Revolving Facility, DMS LLC pays a 0.50% per annum commitment fee in arrears on the undrawn portion of the revolving commitments.