Verint Systems completed a credit agreement with JPMorgan as administrative agent for $725 million, including a seven-year $425 million term loan and a five-year $300 revolving credit facility.

According to a related 8-K filing, JPMorgan served as lead arranger. JPMorgan, Deutsche Bank Securities, Goldman Sachs Bank, RBC Capital Markets, Barclays, Credit Suisse Securities and HSBC Securities were joint bookrunners.

The company entered into the new credit agreement to take advantage of improved terms available to the company in the market, including reduced interest expense, and to extend the maturity of the debt under the prior facility.

The maturity dates of the term loan facility and revolving credit facility will be accelerated to March 1, 2021 if on such date there are any amounts outstanding under the company’s 1.50% convertible senior notes due June 1, 2021. Amounts borrowed under the revolving credit facility may be borrowed, repaid, and re-borrowed until the maturity date thereof. amounts borrowed and repaid under the term loan facility may not be re-borrowed.

Loans under the credit agreement will bear interest, payable quarterly or, if earlier, at the end of any applicable interest period, at a per annum rate of, at the company’s election: in the case of Eurodollar loans, the Eurodollar Rate (as defined in the credit agreement), or in the case of ABR loans, the ABR (as defined in the credit agreement), plus in each case a margin percentage. For loans under the term loan facility, the applicable margin percentage is fixed at 2.25% for Eurodollar loans, and at 1.25% for ABR loans. For loans under the revolving credit facility, the applicable margin percentage is determined by reference to the company’s consolidated total debt to consolidated EBITDA leverage ratio.

Melville, NY-based Verint Systems sells software and hardware products for security, surveillance and business intelligence.