Bottomline Technologies (de) Inc. entered into a credit agreement involving a five-year revolving credit facility for up to $300 million.

The company signed the agreement Dec. 9 in anticipation of the maturity of its 1.50% convertible senior notes due Dec. 2017 and for general corporate purposes.

Bottomline has the right to request an increase of the aggregate commitments by up to $150 million without consent from lenders not participating in the increase. The proceeds may be used by the company and its units for corporate purposes, including acquisitions, share repurchases, capital expenditures and the repayment or refinancing of debts.

The facility, which will terminate Dec. 8, 2021, is available for the issuance of up to $20 million of letters of credit and up to $20 million of swing line loans.

Loans under the facility will bear interest at the company's option at either a eurodollar rate plus a margin of 1.50% to 2.25% based on the consolidated net leverage ratio, or a base rate plus a margin of 0.50% to 1.25% based on the same ratio.

Certain of the company's existing and future domestic material restricted units guarantee the credit facility, which is secured by substantially all the domestic assets of the company and those units.

The agreement was entered into with Bank of America NA as administrative agent, swing line lender and letter of credit issuer, and other lenders from time to time.