First Busey gets revolving line, term loan totaling $80 million

By Marisa Wong

Morgantown, W.Va., Jan. 31 – First Busey Corp. entered into an amended and restated credit agreement on Tuesday with U.S. Bank NA for a $20 million revolving line of credit and a $60 million term loan, according to an 8-K filing with the Securities and Exchange Commission.

The revolving line of credit has a termination date of April 30, 2019 and may be converted into a term loan with a maturity date of April 30, 2021, and the term loan matures on Nov. 30, 2023.

The loans have an annual interest rate of one-month Libor plus 150 basis points.

Proceeds of the term loan will be used to fund the company’s acquisition of Banc Ed Corp. and for general corporate purposes.

The credit agreement amends and restates the company’s credit agreement dated Nov. 20, 2015.

First Busey is a financial holding company based in Champaign, Ill.

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