Fidelity National increases revolver to $4 billion, extends to 2023

By Sarah Lizee

Olympia, Wash., Sept. 24 – Fidelity National Information Services, Inc. amended and restated its existing revolving credit agreement on Friday to increase the borrowing capacity under its unsecured revolving credit facility to $4 billion from $3 billion and extend the maturity to Sept. 21, 2023, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings bear interest at Libor plus 100 basis points to 162.6 bps and the commitment fee ranges from 10 bps to 22.5 bps, in each case depending on corporate ratings.

Under the amendment, the maximum leverage ratio remains at 3.5 times with potential step-ups to 4 times or 4.5 times following acquisitions of a specific size.

Borrowings under the amended credit agreement will be used for general corporate purposes, including backstopping any notes that FIS may issue under its newly established $4 billion commercial paper program.

JPMorgan Chase Bank, NA, Merrill Lynch Pierce, Fenner & Smith, Inc., Citigroup Global Markets Inc., MUFG Bank, Ltd., U.S. Bank NA, Wells Fargo Securities, LLC and Barclays Bank plc acted as joint lead arrangers and joint bookrunners. JPMorgan is the administrative agent.

Bank of America, NA, Citibank, NA, MUFG, U.S. Bank, Wells Fargo Bank, NA and Barclays were co-syndication agents. Credit Agricole CIB, HSBC Bank USA, NA, Lloyds Bank plc, PNC Bank, NA, Sumitomo Mitsui Banking Corp. and SunTrust Bank were documentation agents.

FIS is a financial services technology company based in Jacksonville, Fla.

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