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Wells Fargo Agents $125MM Revolver With Accordion Feature for Perficient, Inc.

June 13, 2017, 07:43 AM
Filed Under: Business Services

Perficient, Inc. entered into a credit agreement dated as of June 9, 2017, by and among the company, as borrower, Wells Fargo Bank, National Association, as administrative agent and the other lenders parties thereto.  The credit agreement replaces the company’s existing Second Amended and Restated Credit Agreement dated as of July 13, 2013 with Silicon Valley Bank and the other lenders. 

The credit agreement provides for revolving credit borrowings of up to a maximum principal amount of $125 million. In addition, the company may cause the commitments to increase by up to an additional $75 million, subject to the approval of the applicable lenders providing such additional financing.  The new credit facility will be used to repay amounts due under the Existing Credit Agreement, including the payment of fees and expenses associated with such repayment and for working capital and general corporate purposes.

Borrowings under the credit agreement bear interest, at the company’s option, at a base rate or a LIBOR rate, plus, in each case, an applicable margin. The applicable margin ranges from zero to 0.50% for base rate borrowings and 1.00% to 1.75% for LIBOR borrowings. The applicable margin varies based on the Company’s consolidated leverage ratio. The Company must also pay a commitment fee to the lenders ranging between 0.150% to 0.200% per annum on the unused portion of the $125 million revolving credit facility along with other standard fees.

All outstanding amounts owed under the credit agreement become due and payable no later than the final maturity date of June 9, 2022. 

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