Tyler Technologies has entered into a new five-year, $400 million revolving credit facility. The new credit facility replaces Tyler’s existing $300 million credit facility, which was scheduled to mature in November 2020.
In addition to the $400 million committed revolving facility, the new credit facility provides a minimum of $250 million of additional uncommitted funding through an expanded accordion feature. The credit facility also contains improved pricing compared to Tyler’s previous credit agreement. At the time of the closing, Tyler had no borrowings outstanding under either the new credit facility or the prior credit agreement.
“We appreciate the confidence and support of our lending partners in amending and extending our credit facility,” said Brian Miller, executive vice president and chief financial officer of Tyler Technologies. “This expanded facility provides Tyler with access to additional capital at improved pricing to support our long-term growth objectives.”
The lending group includes seven banks. Wells Fargo Bank served as administrative agent. Wells Fargo Securities, PNC Capital Markets and SunTrust Robinson Humphrey acted as joint lead arrangers and joint bookrunners. Citizens Bank, MUFG Union Bank and Regions Bank acted as co-documentation agents. Bank of Texas also participated in the financing.
Tyler Technologies a provider of integrated software and technology services focused on the public sector.
