RealPage adds $125 million term loan via credit agreement amendment

By Wendy Van Sickle

Columbus, Ohio, Feb. 26 – RealPage, Inc. picked up a $125 million term loan via a Friday amendment exercising the accordion feature of its credit agreement and bringing total commitments under the agreement to $325 million, according to an 8-K filing with the Securities and Exchange Commission.

The existing $200 million is in the form of a revolving credit facility. The revolver and the term loan both mature Sept. 30, 2019.

Principal payments on the term loan are due quarterly beginning on June 30. The company may prepay the term loan in whole or in part at any time.

The amendment also permits RealPage to increase the maximum permitted consolidated net leverage ratio on a one-time basis following the issuance of convertible notes or high-yield notes in an initial principal amount of at least $150 million.

Term loan proceeds were used to repay $34 million of borrowings under the revolver and will be used to fund the acquisition of NWP Services Corp. and for other working capital purposes. The term loan was fully drawn on Friday, and no amounts were borrowed under the revolver.

Wells Fargo Bank, NA is the agreement’s administrative agent.

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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