Euronet signs $10M credit agreement, spends $5M to repurchase bonds

Euronet signs $10M credit agreement, spends $5M to repurchase bonds
Tags: Public Companies, Transaction Processing
March 23, 2004

LEAWOOD, KANSAS - Euronet Worldwide (Nasdaq: EEFT) on Feb. 23 entered into a two-year unsecured revolving credit agreement, providing a facility of up to $10 million with Bank of
America.

According to a news release, the credit agreement has permitted the release of approximately $4.2 million in restricted cash held as collateral on various letters of credit issued by Bank of America on behalf of Euronet.

The proceeds from the facility can be used for working capital needs, acquisitions and other corporate purposes.

As a result of the cash collateral release, Euronet has acquired $5 million of its $43.5 million in outstanding 12 3/8 percent senior discount bonds, according to the release.