Equifax refinances with expanded $1.1 billion five-year revolver

By Susanna Moon

Chicago, Oct. 1 – Equifax Inc. obtained a $1.1 billion five-year revolving credit facility on Sept. 27 with SunTrust Robinson Humphrey, Inc., JPMorgan Chase Bank, NA, Bank of America Merrill Lynch, Mizuho Bank, Ltd. and Wells Fargo Securities, LLC as joint lead arrangers and joint bookrunners, according to an 8-K filing with the Securities and Exchange Commission.

SunTrust Bank is the administrative agent, and Bank of America, NA, JPMorgan Chase Bank, NA, Mizuho Bank, Ltd. and Wells Fargo Bank, NA are the co-syndication agents.

Interest on the loans will initially be Libor plus 112.5 basis points, with the spread ranging from 87.5 bps to 150 bps, based on the company’s debt ratings.

The commitment fee is initially 12.5 bps and ranges from 7 bps to 20 bps.

The revolver replaces the company’s previous $900 million revolving credit facility that was set to mature on Nov. 21, 2020.

The terms of the revolver are substantially the same as the existing credit facility, including the inclusion of various financial and non-financial covenants.

The financial covenants require the company to maintain a maximum leverage ratio of no more than 3.5 times, with an increase to 4 times if the company satisfies certain requirements.

Atlanta-based Equifax is an information technology provider that collects and organizes credit, financial, public record, demographic and marketing information on individuals and businesses.

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