Temenos, a global provider of mission-critical software to financial institutions, refinanced its existing banking facilities with a new facility of $500 million.
Swiss-based Temenos has taken advantage of current market conditions to lock in low-cost long-term financing through a new five-year revolving credit facility, which expires in 2021. The facility was provided by a syndicate of both existing lenders including Barclays, HSBC, RBS, Credit Suisse and Banque Cantonale Vaudoise, and new lenders, including Standard Chartered, ING and BNP Paribas.
The facility will be used for general corporate purposes including ongoing working capital requirements and future growth opportunities.
Commenting on the announcement, Max Chuard, CFO and COO of Temenos, said: “I am delighted we have been able to refinance our existing facility at very competitive rates whilst increasing the total amount of financing available. This has further strengthened our financial flexibility and balance sheet, ensuring we are well positioned to fund our strategic growth objectives in 2016 and the medium term.”