Affinion is one of the world's leading loyalty and customer engagement solutions companies servicing over 250 million consumers with almost 6,150 client partner relationships and over 40 years of experience, as of December 31, 2017. We design, administer and fulfill loyalty and customer engagement programs that strengthen and expand the value of relationships for our leading clients around the globe, including many of the largest and most respected companies in the financial services, retail, travel, and internet commerce sectors. Based in Stamford, CT, the Company has approximately 3,600 employees located in 20 countries across the globe.
...Adjusted EBITDA of $41.1 million reflects the exclusion of, among other items, $7.6 million in costs related primarily to restructuring of certain operations including related severance costs, $0.4 million of stock compensation expense, and $0.3 million in costs related to certain litigation matters.
At September 30, 2018, there were outstanding borrowings of $38.0 million(net of discounts) against Affinion Group, Inc.'s revolving credit facility and $65.0 million of Affinion Group, Inc.'s credit facility was available for borrowing, after giving effect to the issuance of $5.0 million of letters of credit. [Total debt over $1.5bn].
Affinion Group, Inc. and Affinion Holdings entered into an amendment to Affinion Group, Inc.'s credit facility that permitted the release of $45.0 million of the net proceeds held in escrow from the sale of the Insurance Solutions business, of which $32.0 million will be available for working capital needs, and/or to make investments and capital expenditures, with the remainder to be used to prepay outstanding term loans, together with required prepayment premiums. In addition, the Company received a commitment letter from certain lenders to provide Affinion Group, Inc. with a second lien senior secured revolving credit facility. Upon completion of the series of transactions contemplated by these agreements, Affinion Group, Inc.will be provided with at least $50.0 million.