Blucora, a provider of technology-enabled financial solutions to consumers, small businesses and tax professionals, closed a new credit facility with Credit Suisse as administrative agent and lead arranger.

The $425 million credit facility consists of a $375 million senior secured term loan and a $50 million revolving credit facility that will mature in 2024 and 2022, respectively. The pricing of the term loan will be LIBOR + 3.75%, 225 basis points less than the rate applicable to the company’s previous term debt.

Initial funding from the new term loan will be used to repay the TaxAct – HD Vest 2015 credit facility, redeem Blucora’s convertible senior notes outstanding on June 5, 2017, and pay related fees and expenses associated with the new credit facility. Remaining proceeds, if any, may also be used for general corporate purposes.

Key Bank and SunTrust Robinson Humphrey served as joint lead arrangers and joint bookrunners for the syndicate.

“This new credit facility will simplify our capital structure, extend the tenor of our borrowings and is expected to reduce cash interest expense by approximately $3.4 million annually,” said Eric Emans, Blucora CFO. “This transaction represents a continuation of the work we have done over the past 17 months to significantly reduce our net leverage and strengthen Blucora’s capital structure, while focusing on organic execution.”