Tyler Technologies enters $300 million five-year revolving agreement

By Wendy Van Sickle

Columbus, Ohio, Nov. 16 – Tyler Technologies, Inc. entered into a $300 million five-year revolving credit agreement on Monday, according to an 8-K filed with the Securities and Exchange Commission.

Borrowings bear interest at Libor plus 125 basis points to 200 bps, depending on leverage ratio, with the current margin at 125 bps. The initial commitment fee is 25 bps. It can range from 25 bps to 35 bps, also depending on leverage.

Wells Fargo Securities, LLC is the lead arranger and bookrunner, Wells Fargo Bank, NA is the administrative agent; Compass Bank and SunTrust Bank are the co-syndication agents; and Citizens Bank, NA, Regions Bank and MUFG Union Bank, NA are the co-documentation agents.

The facility includes a $10 million letter-of-credit sublimit and a $25 million swingline loan sublimit. Tyler may request incremental loans or an increase to the revolver.

A $145 million portion of the revolver was used in the company’s acquisition of New World Systems Corp. Remaining proceeds may be used for working capital and general corporate purposes.

Tyler is a Dallas-based provider of integrated information management services for local governments.

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