Telvent enters $105 million revolver and $30 million term loan

By Jennifer Chiou

New York, May 17 - Telvent USA Corp., Telvent DTN, Inc. and Telvent Canada Ltd. with Telvent GIT, SA as guarantor entered into a credit agreement with JPMorgan Chase Bank, NA as administrative agent, Fifth Third Bank NA as syndication agent and KeyBank NA as documentation agent, according to a 6-K filing with the Securities and Exchange Commission.

The agreement provides for a revolving credit facility with an initial borrowing amount of $105 million as well as a $30 million term loan.

The borrowers may seek an increase in the revolver, and Telvent USA is permitted to request a $5 million term loan increase.

PNC Bank NA and SunTrust Bank are also lenders under the agreement.

There is no penalty for prepayment.

Any outstanding revolver balance will be due on Dec. 23, 2013.

For the term loan, principal payments of $1.25 million are due each calendar quarter beginning on Sept. 30, 2011 and ending on Sept. 30, 2013, with the remainder due on Dec. 23, 2013.

The agreement replaces the companies' Nov. 3, 2010 agreement with JPMorgan and Fifth Third.

Proceeds will be used for general corporate purposes.

Telvent is an information technology company based in Madrid.

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