Fleetmatics Group gets $125 million five-year multicurrency revolver

By Angela McDaniels

Tacoma, Wash., Jan. 22 – Fleetmatics Group plc entered into a $125 million multicurrency senior secured revolving credit facility on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The revolver matures on Jan. 21, 2020 and has a $75 million accordion feature.

The interest rate is Libor plus 150 basis points to 225 bps. The commitment fee is 20 bps to 30 bps. Both depend on the company’s leverage ratio.

The revolver has a $5 million sublimit for letters of credit and a $10 million swingline facility.

Citibank, NA is the administrative agent.

The company will use the proceeds to repay the $23.75 million outstanding under its previously existing revolver with Wells Fargo Capital Finance, LLC and for working capital and other general corporate purposes.

Subsidiaries Fleetmatics USA, LLC and Fleetmatics Development Ltd. are also borrowers.

Borrowings under the revolver are secured by the capital stock or other equity interests of the borrowers (other than Fleetmatics Group) and substantially all of Fleetmatics Group’s material foreign and domestic subsidiaries and are guaranteed by substantially all of the borrowers’ existing subsidiaries and future material subsidiaries.

The revolver has a maximum leverage ratio covenant and a minimum interest coverage ratio covenant.

Dublin-based Fleetmatics provides mobile workforce solutions for service-based businesses delivered as software-as-a-service. The company’s U.S. headquarters are in Waltham, Mass.

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