According to an 8K filed with the SEC, JPMorgan Chase Bank served as administrative agent on a new $500 million senior secured term loan B facility due 2027 for Cardtronics, an ATM owner/operator.
Cardtronics used the net proceeds of the term loan to repay all outstanding borrowings under its revolving credit facility and plans to use the remaining proceeds and available cash to retire its outstanding convertible notes due December 2020 and for working capital needs and general corporate purposes.
The company also reduced the aggregate commitments available under its existing revolving credit facility from $750 million to $600 million and amended certain terms. According to the 8K, JPMorgan Chase Bank also served as administrative agent for the revolving credit facility amendment.
With the closing of these credit facilities, Cardtronics has effectively extended the maturity of its capital structure and believes it has enhanced available liquidity and generally improved its flexibility.
