Ebix, an international supplier of on-demand software and E-commerce services to the insurance, financial and healthcare industries, expanded its existing credit facility from $240 million to $400 million, to fund its growth and share repurchase programs.
The $160 million increase in the bank line was the result of many members of the existing bank group expanding their share of the credit facility and the addition of PNC Bank, BMO Harris Bank, KeyBank, HSBC Bank, Cadence Bank and Trustmark National Bank to the Banking Syndicate, which further diversifies Ebix’s lending group under the credit facility to eleven participants.
The syndicated bank group now comprises 11 leading financial institutions that include Regions Bank, PNC Bank, TD Bank, BMO Harris Bank, KeyBank, MUFG Union Bank, Fifth Third Bank, HSBC Bank, Silicon Valley Bank, Cadence Bank and Trustmark National Bank. Regions Bank continued to lead the banking group while serving as the administrative and collateral agent.
PNC Bank and TD Securities (USA) were added as syndication agents, KeyBank as documentation agent, while Regions Capital Markets, PNC Capital Markets and TD Securities (USA) acted as joint lead arrangers and joint bookrunners.