Fiserv closes on $2 billion five-year revolving agreement via JPMorgan

By Tali Rackner

Norfolk, Va., May 5 – Fiserv, Inc. entered into a $2 billion five-year revolving credit agreement on April 30, replacing its existing credit agreement dated Aug. 1, 2012, according to an 8-K filing with the Securities and Exchange Commission.

The revolver may be increased by up to $750 million.

Availability under the revolving credit facility is reduced by the face amount of letters of credit issued under the facility from time to time, which was about $20 million at closing.

Borrowings bear interest at Libor plus 90 basis points to 152.5 bps, based on leverage. The facility fee ranges from 10 bps to 22.5 bps.

The revolver matures on April 30, 2020 and may be extended by up to two years.

Certain financial requirements mandate that Fiserv maintain a maximum leverage ratio of 3.5 times and a minimum interest coverage ratio of 3 times.

JPMorgan Chase Bank, NA is the administrative agent; Bank of America, NA, Bank Of Tokyo-Mitsubishi UFJ, Ltd., U.S. Bank NA and Wells Fargo Bank, NA are syndication agents; SunTrust Bank, Sumitomo Mitsui Banking Corp., Credit Suisse AG, Cayman Islands Branch, PNC Bank, NA and Citizens Bank, NA are documentation agents; and J.P. Morgan Securities LLLC, Merrill Lynch, Pierce, Fenner & Smith Inc., Bank Of Tokyo-Mitsubishi U.S. Bank and Wells Fargo Securities, LLC are joint bookrunners and lead arrangers.

As of April 30, the company borrowed $108 million under the facility.

Brookfield, Wis.-based Fiserv provides financial services technology.

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