Liberty Tax amends facility, increasing size, extending maturity

By Jennifer Chiou

New York, Oct. 6 – Liberty Tax, Inc. and its subsidiaries entered into a supplement and joinder agreement as well as an amendment to their revolving credit and term loan agreement with SunTrust Bank as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides for a $60.4 million increase in the company’s revolving credit facility, to a maximum of $203.75 million.

The changes also extended the maturity of both the revolving credit facility and term loan to April 30, 2019 from April 30, 2017 – except for the commitments of one lender under the revolving credit facility, which were been extended to Sept. 30, 2017.

The amendment also lifts the maximum commitments under the total of the term loan and revolver to $275 million.

The tax preparation franchise is based in Virginia Beach, Va.

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