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.
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Alliance Data is a global provider of data-driven marketing and loyalty solutions serving large, consumer-based industries.
