Diebold Nixdorf executed an amendment to its asset-based credit facility to add a new $55 million first-in-last-out term loan tranche. Additionally, Diebold Nixdorf’s ABL lenders agreed to certain other modifications and waivers to the ABL facility. The existing $250 million non-FILO ABL tranche commitments remain in place.
According to an 8K filed with the SEC, JPMorgan Chase is the administrative and collateral agent for the facility, while GLAS AMERICAS LLC is the European collateral agent.
Diebold Nixdorf is distributor of ATMs and other connected commerce solutions. The company recently disclosed in its annual 10-K that, despite a challenging macroeconomic environment, the company recorded $3.46 billion of revenue in 2022 and entered 2023 with a backlog of approximately $1.47 billion. The company also recently released a brief financial update that shows the company is on track to achieve its Q1/23 revenue target. Additionally, the company expects ATM and SCO shipments to increase in the first half of 2023 by approximately 14% and 51%, respectively, compared to the first half of last year. At this time, the company’s expected 2023 first quarter revenue of approximately $835 million would represent about 6% growth compared with the same period last year.
“We are pleased to have secured the FILO loan to provide financing for our near-term priorities,” Octavio Marquez, chairman, president and CEO of Diebold Nixdorf, said. “We will continue to partner with our lenders to develop long-term improvements to our capital structure which will better support our operating model and the cycles of our business. We continue to take steps to improve our business by becoming more agile and better equipped to navigate global macroeconomic impacts. Our solution set is as robust as it ever has been, and we intend to accelerate our leadership in core areas to deliver profitable and sustainable growth.”