Cardtronics revolver lowered to $600 million from $750 million

By Rebecca Melvin

New York, June 30 – Cardtronics plc entered into a third amendment to its second amended and restated revolving credit agreement with JPMorgan Chase Bank, NA, as administrative agent on Monday, according to an 8-K filing with the Securities and Exchange Commission.

Commitments and letters of credit were reduced to $600 million from $750 million.

Proceeds are available to fund working capital needs and other general corporate purposes. The facility’s maturity date remains unchanged at Sept. 19, 2024.

Outstanding borrowings under the revolver were fully repaid as of Monday, using the proceeds of a term loan B.

The third amendment modified various terms, conditions and covenants, although key financial covenants remain in place, such as an interest coverage ratio covenant and a total net leverage ratio covenant.

The amendment maintained a provision for a restricted period through the earlier of Oct. 1, 2021; or the date on which the company terminates the restricted period and the total net leverage ratio does not exceed 4.50 to 1.0.

The total net leverage ratio is not to exceed 4.25 to 1.0 for the fiscal quarters ending June 30 and Sept. 30; 5.25 to 1.0 for the fiscal quarter ending Dec. 31, 2020; 5.5 to 1.0 for the fiscal quarter ending March 31, 2021; 5.25 to 1.0 for the fiscal quarter ending June 30, 2021; and 5.0 to 1.0 for the fiscal quarter ending Sept. 30, 2021.

Concurrently with the amendment to the revolvre, the company also closed on a new $500 million senior secured term loan B facility due 2027. With these credit facilities, the company says it has effectively extended the maturity of its capital structure and enhanced available liquidity and generally improved its flexibility.

The Houston-based company owns and operates ATMs.

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