WageWorks entered into an amendment to its credit agreement which provides for a $400 million revolving credit facility, with a $15 million letter of credit sub-facility from a lender group led by MUFG Union Bank as administrative agent.

According to a related filing, the credit agreement contains an increase option permitting the company, subject to certain conditions and requirements, to arrange with existing lenders and/or new lenders to provide up to an aggregate of $100 million in additional commitments. Loan proceeds may be used for general corporate purposes, including acquisitions permitted under the credit agreement. As of April 4, 2017, the company had outstanding revolving loans in an aggregate principal amount of $247 million under the credit agreement and an undrawn letter of credit in a face amount of $500,000.

The company’s obligations under the credit agreement are secured by substantially all of the company’s assets. All of the company’s future material subsidiaries are required to guaranty its obligations under the credit agreement. The guarantees by future material subsidiaries are and will be secured by substantially all of the assets of such subsidiaries.