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Euronet Amends and Expands Secured Credit Facility

April 11, 2014, 07:11 AM
Filed Under: Industry News

Euronet Worldwide, Inc., a leading global electronic payments provider and distributor, announced the amendment and expansion of its secured credit facility with a syndicate of financial institutions. The new agreement increases the revolving portion from $400 million to $600 million, and the outstanding term loan balance from $66 million to $75 million.

The amended and expanded credit facility includes additional commitments from both new and existing lenders and will expire on April 9, 2019. The amended facility resets the accordion feature to $100 million, reduces pricing levels by 12.5 basis points across the board and removes the senior secured leverage ratio financial covenant from the agreement, in addition to other changes.

"We are pleased with the support from our banking partners. The additional commitments from most existing lenders and the two new lenders who joined the group reflect the strength of our recent financial performance," stated Rick Weller, Executive Vice President and Chief Financial Officer of Euronet Worldwide, Inc. "The extended maturity will provide us with long-term working capital flexibility, while the increased capacity will help support our strategic growth initiatives and ultimately return more value to our shareholders."

Euronet Worldwide is an industry leader in processing secure electronic financial transactions. The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, consumer money transfer and bill payment services, and electronic distribution for prepaid mobile phone time and other prepaid products.

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