Perficient completed a new credit agreement with Wells Fargo as administrative agent, providing for revolving credit borrowings of up to a maximum principal amount of $125 million. The facility includes an accordion feature that allows for an additional $75 million.

According to a related 8-K filing, the new facility will be used to repayment amounts due under the existing facility. The final maturity date for the new facility is June 9, 2022. Bank of America and U.S. Bank served as syndication agents. Fifth Third Bank was documentation agent. Wells Fargo Securities, Merrill Lynch, Pierce, Fenner & Smith and U.S. Bank were joint lead arrangers and joint bookrunners.

Borrowings under the credit agreement bear interest, at the company’s option, at a base rate or a LIBOR rate, plus, in each case, an applicable margin. The applicable margin ranges from zero to 0.50% for base rate borrowings and 1.00% to 1.75% for LIBOR borrowings. The applicable margin varies based on the company’s consolidated leverage ratio. The company must also pay a commitment fee to the lenders ranging between 0.150% to 0.200% per annum on the unused portion of the $125 million revolving credit facility along with other standard fees.