SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 3, 2015
EBIX, INC.
(Exact name
of registrant as specified in its charter)
|
|
|
|
|
Delaware |
|
0-15946 |
|
77-0021975 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
|
|
|
5 Concourse Parkway, Suite 3200, Atlanta, Georgia |
|
30328 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrants telephone number, including area code: (678) 281-2020
(Former name or former address, if changed since last report.)
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01. |
Entry into a Material Definitive Agreement. |
On February 3, 2015, Ebix, Inc. (the
Company) and certain of its subsidiaries entered into the First Amendment (the First Amendment) to the Regions Secured Credit Facility (the Credit Agreement), dated August 5, 2014, among the Company, Regions
Financial Corporation as Administrative Agent (Regions), with Regions, MUFG Union Bank N.A., and Silicon Valley Bank as joint lenders. A copy of this First Amendment is as Exhibit 10.1 to this Form 8-K and is incorporated herein by
reference in its entirety.
The First Amendment amends the Credit Agreement by increasing the maximum amount by which the Aggregate Revolving Commitments
may be increased to $90 million from the pre-existing limit of $50 million, increases the amount of base facility to $190 million from the pre-existing amount of $150 million, which together with the $50 million accordion feature increases the total
Credit Agreement capacity amount to $240 million from the prior amount of $200 million, and expands the syndicated bank group to four participants by adding Fifth Third Bank. Below are the amended Lenders, Revolving Commitments and Revolving
Commitments Percentages :
|
|
|
|
|
|
|
|
|
Lender |
|
Revolving Commitment |
|
|
Revolving Commitment Percentage |
|
Regions Bank |
|
$ |
75,000,000 |
|
|
|
39.4 |
% |
MUFG Union Bank |
|
$ |
50,000,000 |
|
|
|
26.3 |
% |
Silicon Valley Bank |
|
$ |
40,000,000 |
|
|
|
21.1 |
% |
Fifth Third Bank |
|
$ |
25,000,000 |
|
|
|
13.2 |
% |
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
190,000,000 |
|
|
|
100.0 |
% |
On February 5, 2015 the Company issued a press release announcing the details of this First Amendment to the subject
Credit Agreement. A copy of this press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.
|
|
|
Exhibits |
|
|
|
|
10.1 |
|
Amendment No.1 and Waiver dated February 3, 2015 to the Credit Agreement dated as of August 5, 2014, entered into by and among Ebix, Inc., as Borrower, certain subsidiaries of the Company from time to time party thereto,
as Guarantors, Regions Bank, as Administrative Agent and Collateral Agent, and the lenders from time to time party thereto |
|
|
99.1 |
|
Press Release, dated February 5, 2015, issued by Ebix, Inc. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
|
|
EBIX, INC. |
|
|
By: |
|
/s/ Robert Kerris |
|
|
Robert Kerris |
|
|
EVP, Chief Financial Officer and Corporate Secretary |
February 5, 2015
Exhibit 10.1
Execution Copy
AMENDMENT NO. 1 TO CREDIT AGREEMENT AND WAIVER
This AMENDMENT NO. 1 TO CREDIT AGREEMENT AND WAIVER (this Amendment), dated as of February 3, 2015, is entered into by
and among EBIX, INC., a Delaware corporation (the Borrower), certain subsidiaries of the Borrower party hereto as guarantors (the Guarantors and collectively with the Borrower, the Credit
Parties) under the Credit Agreement (defined below), each Lender under the Credit Agreement that is a party hereto, FIFTH THIRD BANK as a joining lender (the Joining Lender) and REGIONS BANK, as administrative agent (in
such capacity, the Administrative Agent) and collateral agent.
RECITALS
WHEREAS, the Borrower, certain of the Guarantors, the Lenders and the Administrative Agent are parties to that certain Credit
Agreement, dated as of August 5, 2014 (as amended hereby and as further amended, restated, extended, supplemented or otherwise modified from time to time, the Credit Agreement), pursuant to which the Lenders have extended a
revolving credit facility to the Borrower;
WHEREAS, the Borrower and/or certain of its Subsidiaries entered into (a) that
certain Share Purchase Agreement pursuant to which Ebix Consulting, Inc., a Delaware corporation and subsidiary of the Borrower, acquired all of the equity of Vertex, Incorporated (the Vertex Acquisition), (b) that certain
Business Transfer Agreement pursuant to which Ebix Software India Pvt. Ltd., a subsidiary of the Borrower, acquired certain assets from i3 Pvt. Ltd. (the Ebix India Acquisition), (c) that certain Asset Purchase Agreement
pursuant to which the Borrower acquired certain assets from DCM Group Inc. (the DCM Acquisition), and (d) that certain Membership Interest Purchase Agreement pursuant to which Ebix Software India Pvt. Ltd. acquired all of the
ownership interests of Oakstone Publishing, LLC (the Oakstone Acquisition, and collectively with the Vertex Acquisition, the Ebix India Acquisition and the DCM Acquisition, the Specified Acquisitions);
WHEREAS, the Borrower has requested that the Administrative Agent and the Required Lenders waive certain requirements under the Credit
Agreement with respect to the Specified Acquisitions as more fully described below;
WHEREAS, the Borrower has also requested that
(a) the Credit Agreement be amended, as provided herein, to increase the maximum amount by which the Aggregate Revolving Commitments may be increased pursuant to Section 2.1(c)(i) to $90,000,000 and (b) the Aggregate Revolving
Commitments be increased by $40,000,000 by certain Lenders and the Joining Lender (which increase shall constitute usage of the increase to Section 2.1(c)(i) of the Credit Agreement);
WHEREAS, the Lenders party hereto (including the Joining Lender) have agreed to provide the requested waivers and amendments on the
terms and conditions contained in this Amendment;
NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties hereto hereby agree as follows:
1. Defined Terms. Unless otherwise defined herein,
capitalized terms used herein shall have the meanings, if any, assigned to such terms in the Credit Agreement, as amended by this Amendment.
2. Amendments to Credit Agreement. Subject to the terms and conditions hereof and with
effect from and after the Amendment Effective Date (defined below), the Credit Agreement is hereby amended as follows:
(a) The definition
of Change of Control contained in Section 1.1 of the Credit Agreement is hereby amended by deleting the following parenthetical found in clause (b) of such definition in its entirety:
(excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office
as, a member of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the
election of one or more directors by or on behalf of the board of directors).
(b) Section 2.1(c)(i) of the Credit
Agreement shall be amended by deleting the reference to $50,000,000 contained therein and replacing such amount with $90,000,000.
(c)
Appendix A to the Credit Agreement is hereby deleted in its entirety and replaced with a revised Appendix A attached as Annex I hereto, so that the Revolving Commitment of each Lender (including the Joining Lender) shall be as
set forth on such amended Appendix A.
For the avoidance of doubt, the increase of the Aggregate Revolving Commitments provided hereunder and set
forth in the revised Appendix A to the Credit Agreement shall constitute usage of the available increase in the Aggregate Revolving Commitments pursuant to Section 2.1(c)(i) of the Credit Agreement, after giving effect to the
amendment set forth in clause (b) above.
3. Waiver of Specified Default. In reliance upon the representations, warranties and
covenants of the Borrower and each other Credit Party contained in this Amendment, and subject to the effectiveness and the terms and conditions of this Amendment, including, without limitation, those set forth in Section 7 hereof, as of
the Amendment Effective Date, the undersigned Lenders hereby waive (a) the requirements contained in Section 8.5 of the Credit Agreement and the definition of Permitted Acquisition in Section 1.1 of the
Credit Agreement, that the Borrower provide prior notice to the Administrative Agent and the Lenders of each of the Specified Acquisitions and deliver a certificate to the Administrative Agent, signed by an Authorized Officer of the Borrower, not
fewer than two Business Days prior to the consummation of each Specified Acquisition, in the case of clauses (b), (d) and (e) of the definition of Permitted Acquisition, and no later than substantially simultaneously
with the consummation of each Specified Acquisition, in the case of clauses (c), (f) and (g) of the definition of Permitted Acquisition, certifying, in each case, that the requirements in the definition of Permitted
Acquisition had been satisfied with respect to the applicable Specified Acquisition (the Required Certificates), and (b) any Default or Event of Default that may have resulted from the failure to provide notice of the
Specified Acquisitions or the Required Certificates within the time periods required under the definition of Permitted Acquisition.
4.
Joinder of Joining Lenders. By its execution of this Amendment, the Joining Lender hereby confirms and agrees that, on and after the date this Amendment becomes effective pursuant to Section 7 below (the Amendment
Effective Date), it shall be and become a party to the Credit Agreement as a Lender, shall have all of the rights and be obligated to perform all of the obligations of a Lender thereunder and its Revolving Commitments shall be as set forth
on Annex I attached hereto. The Joining Lender further (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the
transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements
of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement, which such consents shall be deemed provided, to the extent
required, by each Person that executes this Amendment), (iii) from and after the date hereof, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and shall have the obligations of a Lender thereunder, and
(iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 7.1 thereof, as applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into the Credit Agreement on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent, any other Lender, agent or
arranger; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a
Lender.
5. Representations and Warranties. Each of the Borrower and each of the other Credit Parties, by its execution of this
Amendment, hereby represents and warrants to the Administrative Agent and the Lenders as follows:
(a) the execution, delivery and
performance by each Credit Party of this Amendment have been duly authorized by all necessary corporate or other organizational action and do not and will not (i) violate in any material respect the terms of any of the Credit Parties
Organizational Documents; (ii) except as could not reasonably be expected to have a Material Adverse Effect, conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any other Contractual
Obligations of any Credit Party, (iii) result in or require the creation of any Lien upon any of the properties or assets of any Credit Party (other than Liens created under any of the Credit Documents in favor of the Collateral Agent for the
benefit of the holders of the Obligations), or (iv) require any approval of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation of any Credit Party;
(b) this Amendment has been duly executed and delivered by each Credit Party, and constitutes a legal, valid and binding obligation of each
Credit Party, enforceable against such Credit Party in accordance with its terms, except as may be limited by Debtor Relief Laws or by equitable principles relating to enforceability;
(c) the representations and warranties of each Credit Party contained in Section 6 of the Credit Agreement and in each other
Credit Document are true and correct in all material respects on and as of the Amendment Effective Date, except to the extent that such representations and warranties specifically relate to an earlier date, in which case they shall be true and
correct in all material respects as of such earlier date, and except that for purposes of this clause (c), the representations and warranties contained in Sections 6.7(a) and (b) of the Credit Agreement shall be deemed to refer to
the most recent statements furnished pursuant to Sections 7.1(b) and (a) of the Credit Agreement, respectively; and
(d) after the effectiveness of this Amendment (including each of the waivers set forth in Section 3 above) on the Amendment
Effective Date and the increase of the Aggregate Revolving Commitments set forth herein, no Default has occurred and is continuing.
6.
Reallocation, Assignments and Payments. Simultaneously with the Amendment Effective Date, the parties hereby agree that (a) the Revolving Commitments shall be as set forth on the revised Appendix A attached hereto as Annex
I, (b) each Lender having a Revolving Commitment immediately prior to the increase provided herein will automatically and without further act be deemed to
have assigned to each Revolving Credit Increase Lender in respect of such increase, and each such Revolving Credit Increase Lender will automatically and without further act be deemed to have
assumed, a portion of such Lenders participations under the Credit Agreement in outstanding Letters of Credit and Swingline Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of
the aggregate outstanding (i) participations under the Credit Agreement in Letters of Credit and (ii) participations under the Credit Agreement in Swingline Loans, will, in each case, equal each Lenders Revolving Commitment
Percentage (after giving effect to such increase), all as provided further in Section 2.1(c)(ix) of the Credit Agreement and (c) if, on the Amendment Effective Date there are any Revolving Loans outstanding, the Lenders (including
the Joining Lender) shall make such payments among themselves as the Administrative Agent may reasonably request to the extent necessary to keep the outstanding Revolving Loans ratable with the revised Revolving Commitment Percentages arising from
such increase, and the Borrower shall pay to the applicable Lenders any amounts required to be paid pursuant to Section 3.1(c) of the Credit Agreement in connection with such payments among the Lenders as if such payments were effected
by prepayments of Revolving Loans.
7. Effectiveness; Conditions Precedent. The effectiveness of this Amendment and the amendments
to the Credit Agreement herein provided are subject to the satisfaction of the following conditions precedent:
(a) the Administrative
Agent shall have received each of the following documents or instruments in form and substance reasonably acceptable to the Administrative Agent:
(i) counterparts of this Amendment, duly executed by each Credit Party, the Administrative Agent, the Required Lenders (prior
to giving effect to this Amendment) and the Joining Lender;
(ii) executed copies of the Required Certificates for each
Specified Acquisition; and
(iii) an executed copy of a certificate of the Borrower dated as of the date hereof signed by
an Authorized Officer of the Borrower certifying and attaching the resolutions adopted by the Borrower and each Guarantor approving or consenting to the increase in the Aggregate Revolving Commitments provided by this Amendment;
(b) (i) each of Ebix Consulting, Inc., and Vertex, Incorporated shall have delivered Guaranty Joinder Agreements, Security Joinder Agreements
and Pledge Joinder Agreements, to the extent applicable, as required by Section 7.11 of the Credit Agreement, (ii) the Borrower shall have delivered a Pledge Agreement Supplement with respect to its interest in Ebix Consulting,
Inc., and (iii) the Administrative Agent shall have received all other documents required pursuant to Section 7.11, to the extent applicable, with respect to the Specified Acquisitions, including, without limitation, all
certificated Equity Interests with accompanying stock powers for any new Subsidiary acquired pursuant to a Specified Acquisition;
(c)
after giving effect to this Amendment (and giving effect to any Credit Extension to occur substantially simultaneously with such effectiveness and the increase in the Aggregate Revolving Commitments), as of the Amendment Effective Date, no Default
or Event of Default shall have occurred and be continuing; and
(d) after giving effect to this Amendment, the Borrower shall be in
compliance, on a pro forma basis (as provided in Section 1.3 of the Credit Agreement) with the financial covenants set forth in Section 8.7 of the Credit Agreement as of the Amendment Effective Date;
(e) all fees and expenses payable to the Administrative Agent (including the fees and expenses of counsel to the Administrative Agent to the
extent invoiced prior to the date hereof) shall have been paid in full (without prejudice to final settling of accounts for such fees and expenses).
8. Reaffirmation. Each Credit Party (a) acknowledges and consents to all of the terms
and conditions of this Amendment, (b) affirms all of its obligations under the Credit Documents, and (c) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge any Credit
Partys obligations under the Credit Documents.
9. Miscellaneous.
(a) Nothing in this Amendment is intended (or shall be construed) to constitute the consent of the Administrative Agent or any Lender to any
other transaction or the waiver by the Administrative Agent or any Lender of any Default or Event of Default, except as expressly provided herein.
(b) Except as herein expressly amended, all terms, covenants and provisions of the Credit Agreement and each other Credit Document are and
shall remain in full force and effect. All references in any Credit Document to the Credit Agreement or this Agreement (or similar terms intended to reference the Credit Agreement) shall henceforth refer to the Credit
Agreement as amended by this Amendment. This Amendment shall be deemed incorporated into, and a part of, the Credit Agreement.
(c) This
Amendment shall be binding upon and inure to the benefit of the parties hereto, each other Lender and each other Credit Party, and their respective successors and assigns.
(d) THIS AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTIONS 11.13 AND 11.14 OF THE CREDIT AGREEMENT RELATING TO GOVERNING LAW,
VENUE AND WAIVER OF RIGHT TO TRIAL BY JURY, THE PROVISIONS OF WHICH ARE BY THIS REFERENCE INCORPORATED HEREIN IN FULL.
(e) This Amendment
may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment and the other Credit
Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 7, this Amendment shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of
each of the other parties required to be a party hereto. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of
this Amendment. This Amendment may not be amended except in accordance with the provisions of Section 11.4 of the Credit Agreement.
(f) If any provision of this Amendment or the other Credit Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Amendment and the other Credit Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.
(g) The Borrower agrees to pay, in accordance with and subject to the limitations in
Section 11.2 of the Credit Agreement, all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates in connection with the preparation, execution, delivery, administration of this Amendment
and the other instruments and documents to be delivered hereunder.
(h) This Amendment shall constitute a Credit Document
under and as defined in the Credit Agreement.
[Signature Pages Follow.]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the
date first above written.
BORROWER:
|
|
|
|
|
|
|
|
|
EBIX, INC., as the Borrower |
|
|
|
|
|
By: |
|
/s/ Robin Raina |
|
|
Name: |
|
Robin Raina |
|
|
Title: |
|
President and CEO |
|
|
|
GUARANTORS: |
|
|
|
EBIX.COM, INTERNATIONAL, INC., as a Guarantor |
|
|
|
|
|
|
|
|
By: |
|
/s/ Robin Raina |
|
|
|
|
Name: |
|
Robin Raina |
|
|
|
|
Title: |
|
President and CEO |
|
|
|
|
|
|
|
EBIX CONSULTING, INC., as a Guarantor |
|
|
|
|
|
|
|
|
By: |
|
/s/ Robin Raina |
|
|
|
|
Name: |
|
Robin Raina |
|
|
|
|
Title: |
|
President and CEO |
|
|
|
|
|
|
|
VERTEX, INCORPORATED, as a Guarantor |
|
|
|
|
|
|
|
|
By: |
|
/s/ Robin Raina |
|
|
|
|
Name: |
|
Robin Raina |
|
|
|
|
Title: |
|
President and CEO |
EBIX, Inc.
Signature Pages
Amendment No. 1 to Credit Agreement and Waiver
|
|
|
|
|
|
|
ADMINISTRATIVE AGENT |
|
|
|
|
|
|
AND COLLATERAL AGENT: |
|
|
|
REGIONS BANK, as Administrative Agent and Collateral Agent |
|
|
|
|
|
|
|
|
By: |
|
/s/ Steven M. Hamil |
|
|
|
|
Name: |
|
Steven M. Hamil |
|
|
|
|
Title: |
|
Senior Vice President |
EBIX, Inc.
Signature Pages
Amendment No. 1 to Credit Agreement and Waiver
|
|
|
|
|
|
|
LENDERS: |
|
|
|
REGIONS BANK, as a Lender, the
Issuing Bank and the Swingline Lender |
|
|
|
|
|
|
|
|
By: |
|
/s/ Steven M. Hamil |
|
|
|
|
Name: |
|
Steven M. Hamil |
|
|
|
|
Title: |
|
Senior Vice President |
EBIX, Inc.
Signature Pages
Amendment No. 1 to Credit Agreement and Waiver
|
|
|
|
|
|
|
|
|
|
|
MUFG UNION BANK, N.A., as a
Lender |
|
|
|
|
|
|
|
|
By: |
|
/s/ Miho Shindo |
|
|
|
|
Name: |
|
Miho Shindo |
|
|
|
|
Title: |
|
Associate |
EBIX, Inc.
Signature Pages
Amendment No. 1 to Credit Agreement and Waiver
|
|
|
|
|
|
|
|
|
|
|
SILICON VALLEY BANK, as a
Lender |
|
|
|
|
|
|
|
|
By: |
|
/s/ Russell Follansbee |
|
|
|
|
Name: |
|
Russell Follansbee |
|
|
|
|
Title: |
|
Vice President |
EBIX, Inc.
Signature Pages
Amendment No. 1 to Credit Agreement and Waiver
|
|
|
|
|
|
|
|
|
|
|
FIFTH THIRD BANK, as the Joining
Lender |
|
|
|
|
|
|
|
|
By: |
|
/s/ Holly Sims |
|
|
|
|
Name: |
|
Holly Sims |
|
|
|
|
Title: |
|
Vice President |
EBIX, Inc.
Signature Pages
Amendment No. 1 to Credit Agreement and Waiver
Annex I
(to Amendment No. 1 to Credit Agreement and Waiver)
Appendix A Lenders, Revolving Commitments and Revolving Commitment Percentages
|
|
|
|
|
|
|
|
|
Lender |
|
Revolving Commitment |
|
|
Revolving Commitment Percentage |
|
Regions Bank |
|
$ |
75,000,000.00 |
|
|
|
39.473684210 |
% |
MUFG Union Bank, N.A. |
|
$ |
50,000,000.00 |
|
|
|
26.315789474 |
% |
Silicon Valley Bank |
|
$ |
40,000,000.00 |
|
|
|
21.052631579 |
% |
Fifth Third Bank |
|
$ |
25,000,000.00 |
|
|
|
13.157894737 |
% |
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
190,000,000.00 |
|
|
|
100.000000000 |
% |
|
|
|
|
|
|
|
|
|
Annex I
Exhibit 99.1
Ebix Announces Increase in Commitments Under Its Credit Facility to $190.0 Million
ATLANTA, GA February 5, 2015 Ebix, Inc. (NASDAQ: EBIX) (Ebix or the Company), a leading international
supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, today announced the expansion of total commitments under its existing credit facility from $150.0 million to $190.0 million, to fund its
growth and share repurchase initiatives. The $40.0 million increase in total commitments was the result of existing and new lender relationships, which furthers diversifies Ebixs lending group under the credit facility to four participants.
The increase in total commitments was executed under the accordion feature of the credit facility which allowed for an increase in total commitments
under the facility up to $200.0 million. In conjunction with the increase in commitments, the accordion feature was amended to allow additional expansion of the credit facility up to $240.0 million, in the aggregate. The credit facility originally
closed August 5, 2014 and all other terms remain substantially unchanged.
The syndicated bank group comprises leading financial institutions that include
Regions Bank, MUFG Union Bank, N.A., Fifth Third Bank and Silicon Valley Bank. Regions Capital Markets, a division of Regions Bank served as Lead Arranger on the transaction.
About Ebix, Inc.
A leading international supplier of
On-Demand software and E-commerce services to the insurance, financial and healthcare industries, Ebix, Inc., (NASDAQ: EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and risk compliance
solutions to custom software development for all entities involved in the insurance industry.
With 40+ offices across Australia, Brazil, Canada, India,
New Zealand, Singapore, the US and the UK, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums on its
platforms. Through its various SaaS-based software platforms, Ebix employs hundreds of insurance and technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the
Companys website at www.ebix.com.
CONTACT:
Katie Shuford, Edelman 404-443-7399 or Katie.Shuford@edelman.com
Aaron Tikkoo 678-281-2027 or atikkoo@ebix.com
Ebix (NASDAQ:EBIX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ebix (NASDAQ:EBIX)
Historical Stock Chart
From Sep 2023 to Sep 2024