RealPage amends facility for stock buyback, to replace coverage ratio

By Marisa Wong

Madison, Wis., May 6 - RealPage, Inc. entered into a fourth amendment to its amended and restated credit agreement dated Dec. 22, 2011 with Wells Fargo Capital Finance, LLC as arranger and administrative agent to modify some restrictive and financial covenants, according to an 8-K filing with the Securities and Exchange Commission.

The restrictive covenants were amended on Monday to permit the company to repurchase up to $75 million of its capital stock, subject to some conditions.

Additionally, the fixed-charge coverage ratio was replaced with a new minimum interest expense coverage ratio, and the maximum capital expenditures limitations were increased.

The Carrollton, Texas, company provides on-demand products and services to apartment communities and single-family rentals across the United States.

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