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NCR secures $1.85B senior secured credit facilities

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NCR secures $1.85B senior secured credit facilities

ATM maker NCR Corp. on Aug. 28 amended its credit agreement, which provided for new senior secured credit facilities with total principal of $1.85 billion.

The credit facilities are comprised of a $350 million term loan, a $400 million delayed draw term loan facility that NCR can draw from at any time before Dec. 31, and a five-year revolving credit facility with principal of $1.1 billion. NCR said up to $400 million from the revolving credit facility can be borrowed by certain of its foreign subsidiaries to be denominated in U.S. dollars, euros and pounds sterling.

Interest on the revolving loans will yield at the London interbank offered rate, or the Euro interbank offered rate for euro-denominated debt. For dollar-denominated revolving loans, the company can choose a base rate, whichever is the highest, equal to the federal funds rate plus 0.50%, the prime rate as defined by The Wall Street Journal, and the one-month Libor plus 1.00%. The loans will also have a margin of 1.25% to 2.25% per year for Libor- and Euribor-based revolving loans and a margin of 0.25% to 1.25% per year for base rate-based revolving loans, depending on the company's consolidated leverage ratio.

The two term loans will bear annual interest either at Libor plus a 2.50% margin or the base rate plus a 1.50% margin.