NCR refinanced its senior secured credit facilities, which now consist of a $900 million term loan and a $1.1 billion revolver. JPMorgan Chase served as administrative agent, joint lead arranger and joint bookrunner for the transaction.
Loans under the term loan facility were used to repay outstanding obligations under the prior credit agreement. The revolving facility is available for working capital requirements and other general corporate purposes.
The credit agreement makes up to $400 million of the revolving loans available to certain foreign subsidiaries of NCR to provide NCR greater flexibility to fund ongoing operations, including the company’s foreign operations. Borrowings by the foreign borrowers under the revolving facility are guaranteed and secured by NCR and the guarantors (to the same extent as borrowings by NCR). Term loans were made to NCR in dollars, and revolving loans will be available to the borrowers in dollars, euros and sterling.
JPMorgan Chase, Suntrust Robinson Humphrey, RBC Capital Markets, Merrill Lynch Pierce Fenner & Smith, The Bank of Tokyo-Mitsubishi UFJ and Wells Fargo Securities acted as joint lead arrangers, joint bookrunners and co-syndication agents. Chase will act as sole administrative agent and collateral agent.
Headquartered in Deluth, GA, NCR (formerly National Cash Register) has more than 30,000 employees and does business in 180 countries.