EPAM Systems gets new $100 million revolving credit facility via PNC

By Tali Rackner

Norfolk, Va., Sept. 15 – EPAM Systems, Inc. and wholly owned subsidiaries EPAM Systems, LLC and Vested Development, Inc. replaced their existing bank facility and entered into a new $100 million revolving credit facility on Friday, according to an 8-K filing with the Securities and Exchange Commission.

PNC Bank, NA is the administrative agent and PNC Capital Markets LLC is the lead arranger and bookrunner.

There is the potential to increase the credit facility to up to $200 million.

Borrowings may be denominated in dollars or, up to a maximum of $50 million in British pounds, Canadian dollars, euros or Swiss francs.

Interest will be at either a base rate or euro-rate plus a margin based on the company’s leverage ratio.

The agreement also contains some financial covenants. These include a maximum leverage ratio of 3 to 1 and a minimum interest coverage ratio of 3 to 1, each measured at the end of each fiscal quarter.

EPAM Systems is a Newtown, Pa.-based company that provides software engineering solutions and technology services.

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