i3 Verticals amends credit agreement after issuing exchangeable notes

Chicago, Feb. 18 – i3 Verticals, Inc. planned to repay outstanding borrowings under its senior secured credit facility using proceeds from an offering of exchangeable senior notes, as previously reported.

The issuance of an upsized offering of $120 million of exchangeable notes and the full exercise of the over-allotment option for an additional $18 million prompted an amendment to the company’s credit facility.

The credit facility has been amended, including a decrease in the maximum amount of the revolving credit facility to $275 million. The company entered an amended revolver agreement for $300 million in May 2019, according to the Prospect News archive.

The amendment also allowed the issuance of the exchangeable notes and the related exchangeable hedge and warrant transactions, certain changes in financial covenants and certain permitted uses of the proceeds of the credit facility in connection with the exchangeable notes.

Some of the proceeds from the new notes were slated for debt refinancing, and the over-allotment option of $18 million was expected to be used to repay more outstanding debt under the credit facility, specifically.

i3 Verticals is an electronic payment and software company based in Nashville.

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