Ebix ups five-year credit facility to $650 million from $450 million

By Sarah Lizee

Olympia, Wash., Feb. 27 – Ebix, Inc. expanded its existing credit facility to $650 million from $450 million, according to a press release.

The facility consists of a $250 million five-year term loan and a $400 million five-year revolving credit facility and allows for up to $150 million of incremental facilities.

Ebix said the expanded facility will be used to fund the company’s growth.

The company said the $200 million increase was the result of many members of the existing bank group expanding their share of the credit facility and the addition of BBVA Compass and Bank of the West to the banking syndicate, which brings the lending group under the credit facility to 10 participants.

The syndicated bank group now comprises Regions Bank, PNC Bank, BMO Harris Bank, Compass Bank, Fifth Third Bank, KeyBank, Bank of the West, Silicon Valley Bank, Cadence Bank and Trustmark National Bank.

Regions Bank continued to lead the banking group while serving as the administrative and collateral agent.

PNC Bank and BMO Capital Markets served as co-syndication agents, BBVA Compass and Fifth Third Bank served as co-documentation agents and Regions Capital Markets, PNC Capital Markets and BMO Capital Markets acted as joint lead arrangers and joint book runners.

Ebix is an Atlanta-based company that supplies on-demand software and E-commerce services to the insurance industry.

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