Cardtronics Inc. today announced that its wholly-owned subsidiary Cardtronics USA Inc. has completed the acquisition of EDC ATM Subsidiary LLC and Efmark Deployment I Inc. The cash purchase price of $145 million was funded through borrowings under the company's amended credit facility.
As a result of the acquisition of EDC, Cardtronics added approximately 3,700 ATMs in U.S. retail locations and ATM branding contracts with several financial institutions.
In conjunction with the funding of the EDC acquisition, the company amended its credit facility for certain terms, including the following: 1) the committed credit under the facility was expanded from $175 million to $250 million; 2) certain pricing terms and covenants were amended to be generally more favorable to the company; and 3) the term of the facility was extended by one year, through July 15, 2016.
Cardtronics plans to update its financial guidance for 2011 to include the expected contribution of the EDC business when it issues its second quarter 2011 financial results, for which information is provided below.
Second-quarter 2011 earnings release information
Cardtronics also announced today that it has scheduled a conference call on Thursday, Aug. 4, at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the financial results for the quarter ended June 30, 2011. Results for the quarter are expected to be released after the close of the financial markets that day.
To access the call, call the conference call operator at 877-303-9205, or the alternate dial-in at 760-536-5226. Additionally, a live audio webcast of the conference call will be available online through the investor relations section of Cardtronics' website at http://www.cardtronics.com/.
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