Alliance Data Systems reduced the aggregate revolving credit commitments from $1,072.4 million to $750 million. Following the repayment and amendment, Alliance Data’s outstanding term loan balance is $2,028.8 million.
The company also completed an upsized placement of $850 million in unsecured 4.750% Senior Notes due 2024.
According to a related 8-K filing, Wells Fargo served as administrative agent for the credit facility amendment. Alliance Data was represented in both transactions by Akin Gump Strauss Hauer & Feld.
“The completion of these two initiatives strengthens our balance sheet by extending maturities and optimizing the balance of debt. This is consistent with the company maintaining a total leverage ratio of less than 1.5x, as calculated in accordance with the company’s credit facility,” said Tim King, Alliance Data executive vice president and chief financial officer.
Alliance Data is a global provider of data-driven marketing and loyalty solutions serving large, consumer-based industries.