Cardtronics gets amended, restated $600 million revolving facility

By Sarah Lizee

Olympia, Wash., Nov. 19 – Cardtronics plc entered into a second amended and restated credit agreement on Monday with JPMorgan Chase Bank, NA as administrative agent, providing for a $600 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The new credit facility includes an extended term through November 2023.

Borrowings bear interest at Libor plus a margin ranging from 100 basis points to 175 bps, depending on the total net leverage ratio. Interest is initially Libor plus 150 bps.

The commitment fee starts out at 25 bps and ranges from 15 bps to 35 bps, also depending on leverage.

There is an accordion feature that will allow the company to increase the available borrowings under the credit facility to $700 million.

There is a sublimit of up to $150 million for letters of credit and a sublimit of up to $50 million for swingline loans.

The agreement requires a total net leverage ratio of not more than 4.25 to 1 and an interest coverage ratio of not less than 3 to 1.

Borrowings will be used for the redemption of the company’s outstanding 5 1/8% senior notes and for general corporate purposes.

JPMorgan, Barclays Bank plc, Merrill Lynch, Pierce, Fenner & Smith, Inc. and Wells Fargo Securities, LLC are joint bookrunners and co-lead arrangers. J.P. Morgan Europe Ltd. is the alternative currency agent. Bank of America, NA, Barclays and Wells Fargo Bank, NA are co-syndication agents and Capital One, NA and Compass Bank are co-documentation agents.

The consumer financial services provider is based in Houston.

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