Euronet Worldwide Inc., a global electronic payments provider and distributor, announced the closing of an amended and expanded five-year, $355 million senior secured credit facility with a syndicate of financial institutions.
The facility consists of a $275 million revolving line of credit and an $80 million term loan. It replaces a $100 million revolving line of credit and $126 million term loan maturing April 2012 and April 2014, respectively.
The revolving line of credit allows for borrowings in U.S. dollars, euro, British pound sterling, Australian dollars and/or Indian rupees. Term loan and revolving line of credit borrowings will bear interest at short-term variable interest rates, plus a leverage ratio-based margin.
Subject to certain conditions, the company has the option to increase the credit facility by up to an additional $205 million by requesting additional commitments from existing or new lenders.
“We were very pleased to extend and expand our credit facility by receiving additional commitments from most of the banks in our existing facility and pleased that several new banks joined the group,” said Rick Weller, chief financial officer of Euronet Worldwide Inc. “The new credit facility gives us the flexibility and liquidity for short-term cash requirements, strategic growth initiatives as well as for general corporate purposes.”
Euronet Worldwide offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include ATM, POS and card outsourcing services, card issuing and merchant acquiring services, and consumer money transfer and bill payment services, among other services.
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