RealPage enters into $200 million secured revolving credit facility

By Jennifer Chiou

New York, Oct. 1 – RealPage, Inc. entered into an up to $200 million secured revolving credit facility with Wells Fargo Capital Finance, LLC as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The facility has a sublimit of $10 million for letters of credit and a sublimit of $20 million for swingline loans.

The loan will mature on Sept. 30, 2019.

The filing stated that RealPage may request an increase in the credit facility to provide additional term loan commitments and/or revolving commitments in an aggregate principal amount of up to $150 million, plus an amount that would not cause the company’s consolidated net leverage ratio to exceed 3.25 to 1.00, calculated on a pro forma basis.

As of the end of September, there was $38,571,797 outstanding under the revolver.

Borrowings bear interest at Libor plus 125 bps to 175 bps.

The company is required to maintain a ratio of consolidated funded indebtedness to consolidated EBITDA of 3.50:1.00 or, at the company’s election following certain material acquisitions, 3.75 to 1.00, for each 12-month period ending at the end of a fiscal quarter.

Proceeds may be used for working capital and general corporate purposes.

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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