Fiserv restates credit agreement for $2 billion revolver due 2017

By Marisa Wong

Madison, Wis., Aug. 2 - Fiserv, Inc. amended and restated its existing $1 billion revolving credit facility on Aug. 1, according to an 8-K filing with the Securities and Exchange Commission.

The restated credit agreement provides for a $2 billion revolving credit facility due Aug. 1, 2017 with JPMorgan Chase Bank, NA as the administrative agent.

Availability under the revolving facility is reduced by the face amount of letters of credit issued under the facility, which was about $12.5 million as of Aug. 1.

The company may increase the maximum amount available by up to $750 million, subject to certain conditions.

The company may borrow, repay and re-borrow amounts under the facility at any time until maturity. As of the closing date, no amounts were drawn.

Interest is equal to Libor plus a spread of 100 basis points to 152.5 bps based on the company's long-term debt rating.

The credit agreement requires the company to limit its consolidated debt as of the end of each fiscal quarter to no more than 3.5 times its EBITDA for the trailing four quarters and to maintain EBITDA of at least 3.0 times its consolidated interest expense as of the end of each quarter for the trailing four quarters.

The Brookfield, Wis.-based company plans to use the amended and restated facility for general corporate purposes.

Fiserv specializes in financial services technology.

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