Ebix Inc. has expanded its credit facility to $650 million from $450 million, with the ability to upsize it to $800 million via an accordion option.
The addition of BBVA Compass and Bank of the West to the company's lending group and many members expanding their share of the facility led to the $200 million increase. The banking syndicate now has 10 members, including Regions Bank, PNC Bank, BMO Harris Bank, Compass Bank, Fifth Third Bank, KeyBank, Bank of the West, Silicon Valley Bank, Cadence Bank and Trustmark National Bank.
The facility is comprised of a five-year term loan of $250 million and a five-year revolving credit facility of $400 million. It also allows for up to $150 million of incremental facilities.
The company said it now has access to roughly $331 million to fund its working capital or any other growth and share repurchase initiatives. This includes the worldwide cash balances in the bank of roughly $85 million and a credit line of roughly $246 million.
Regions Bank, which continues to lead the group, serves as the administrative and collateral agent. PNC Bank and BMO Capital Markets served as co-syndication agents, BBVA Compass and Fifth Third Bank served as co-documentation agent. Regions Capital Markets, PNC Capital Markets and BMO Capital Markets acted as joint lead arrangers and joint book runners.