The borrowing also comes amid the COVID-19 pandemic and will keep the company flush with cash for the time being. This will allow CoStar more flexibility as the markets fluctuate.
The RentPath Holdings acquisition was announced a few months ago for $588 million. RentPath operated Rent.com, Rentals.com, and ApartmentGuide.com and had recently filed for bankruptcy.
This acquisition and credit line will help CoStar Group further itself into the rental market. By adding more real estate portals and marketing, in addition to the additional funds on hand, CoStar is preparing itself for a strong 2020.