News

Cardtronics borrows $180M

July 1, 2004

HOUSTON - Cardtronics says it has closed a new $180 million credit facility, which was arranged by BNP Paribas and Bank of America, N.A.

Other lenders include Southwest Bank of Texas, N.A., Wells Fargo Bank, N.A., Compass Bank, General Electric Credit Corporation, JP Morgan Chase Bank, and Wachovia Bank N.A.

Approximately $136 million was drawn on the facility at closing to fund the acquisition of the ATM business of E*Trade Access and to repay existing debt.

The E*Trade deal includes approximately 13,200 active ATMs and related placement agreements, of which 2,300 are owned and 10,900 are managed. The acquisition brings the number of ATMs Cardtronics owns and/or manages from approximately 12,000 to more than 25,000. (See related story E*Trade sells ATM network to Cardtronics for $106M)

The new loan raises some doubts that Cardtronics will go public. In March, the ATM owner/operator announced its intent to raise as much as $115 million in an initial public offering. (See related story Cardtronics to raise up to $115M in stock offering, appoints new CFO)