Regions Capital Markets Arranges Ebix Facility Increase
Ebix announced the expansion of total commitments under its existing credit facility from $150 million to $190 million, to fund its growth and share repurchase initiatives. The $40 million increase in total commitments was the result of existing and new lender relationships, which furthers diversifies Ebix’s lending group under the credit facility to four participants.
The syndicated bank group comprises leading financial institutions that include Regions Bank, MUFG Union Bank, Fifth Third Bank and Silicon Valley Bank. Regions Capital Markets served as lead arranger on the transaction.
The increase in total commitments was executed under the accordion feature of the credit facility which allowed for an increase in total commitments under the facility up to $200 million. In conjunction with the increase in commitments, the accordion feature was amended to allow additional expansion of the credit facility up to $240 million, in the aggregate. The credit facility originally closed August 5, 2014 and all other terms remain substantially unchanged.
Ebix is an international supplier of On-demand software and e-commerce services to the insurance, financial and healthcare industries.