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Paycom Software signs $60M credit agreement

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Paycom Software signs $60M credit agreement

Paycom Software Inc. has entered a new credit agreement providing up to $60 million in loans.

The company can draw on the loans on or before Sept. 7, 2018. As of Dec. 7, the company had borrowed about $57.6 million against the new facility, leaving about $24.5 million of borrowing capacity remaining under the agreement.

The loans mature Sept. 7, 2025. They bear interest at either a prime rate plus 1.0% or an adjusted London Interbank Offered Rate for the interest period plus 1.5%.

The credit agreement was made with JPMorgan Chase Bank NA as administrative agent and also included Bank of America NA and Kirkpatrick Bank as lenders.