ACI Worldwide, Inc. Enters into a Refinance Amendment to the Second Amended and Restated Credit Agreement
February 29, 2024 at 09:21 am EST
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On February 26, 2024, ACI Worldwide, Inc. (the ?Company?) entered into a Refinance Amendment (the ?Amendment?) to the Second Amended and Restated Credit Agreement, dated as of April 5, 2019 (as amended, restated, supplemented or otherwise modified from time to time, including by the Amendment, the ?Credit Agreement?) among the Company, the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto, Bank of America, N.A., as administrative agent and a lender, BofA Securities, Inc., PNC Capital Markets LLC, Wells Fargo Securities, LLC, and TD Securities (USA) LLC, as Joint Lead Arrangers and Joint Bookrunners, and the other financial institutions party thereto. The Amendment (i) provides a senior secured term loan facility (the ?Term Loan Facility?) in an aggregate principal amount of $500 million, (ii) provides a senior secured revolving credit facility (the ?Revolving Loan Facility? and together with the Term Loan Facility, the ?Credit Facilities?) of up to $600 million, and (iii) extends the maturity date of the Facilities to February 26, 2029 (the ?Maturity Date?), provided that if any of the Company?s 5.750% Senior Notes due 2026 are outstanding on the date that is 91 days before the maturity thereof (the ?Springing Maturity Date?), and the Company does not have sufficient liquidity as of such date, the Maturity Date will be the Springing Maturity Date.
The Revolving Loan Facility includes a $35 million sublimit for the issuance of standby letters of credit and a $20 million sublimit for swingline loans. Amounts repaid under the Revolving Facility may be reborrowed.
ACI Worldwide, Inc. develops, markets, installs, and supports a line of software products and solutions primarily focused on facilitating real-time digital payments. The Companyâs segments include Banks, Merchants, and Billers. It provides payment solutions to large and mid-size banks globally for retail banking, real time, digital, and other payment services. It support merchants globally, including Tier 1 and Tier 2 merchants, online-only merchants and payment service providers, independent selling organizations, value-added resellers, and acquirers who service them. Within the Billers segment, the Company provides electronic bill presentment and payment (EBPP) services to companies operating in the consumer finance, insurance, healthcare, higher education, utility, government, and mortgage categories. Its solutions include ACI acquiring, ACI issuing, ACI enterprise payments platform, ACI low value real-time payments, ACI high value real-time payments, and others.