Global Payments, a worldwide provider of payment technology services, closed an amendment to its credit facility agreement. Under the terms of the amendment, the company increased its aggregate term loan A facilities by $750 million with the proceeds being used to reduce a portion of the term loan B facility and outstanding revolving credit facility borrowings. The company’s total borrowings remain unchanged as a result of the amendment.

According to a related 8-K filing, Bank of America served as administrative agent and a syndicate of financial institutions served as lenders and other agents.

The amendment also reduced the interest rate spread on the term loan A facilities and the revolving credit facility by 25 basis points (subject to adjustment based on an amended leveraged-based pricing grid) and on the term loan B by 100 basis points. Further, the amendment extended the maturities of the term loan A facilities and the revolving credit facility to October 31, 2021. The term loan B facility matures on April 22, 2023.

“We are delighted to announce the successful completion of the refinancing of our existing debt facilities,” said Cameron Bready, EVP and chief financial officer. “In addition to improving our liquidity position and extending the maturity of our term loan A and revolving credit facilities, we expect this refinancing to yield $10 million to 12 million of annual interest expense savings, net of additional anticipated expense associated with future interest rate hedging activities.”