Vertex amends credit facility to add loan, upsize revolver

Chicago, March 9 – Vertex, Inc. amended its credit agreement with PNC Bank, NA as administrative agent on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides for $50 million of new term loans.

The modified agreement also upsizes the revolver to $200 million and extends the maturity date to March 2027 from March 2025.

Interest will be based on SOFR plus 100 basis points.

Proceeds from the term loan will be used for ongoing working capital, capital expenditures, permitted distributions, permitted acquisitions and general corporate purposes.

The revolving line of credit was undrawn at closing.

The loan originated on March 31, 2020. It lists PNC Capital markets LLC as lead arranger and bookrunner.

Vertex, based in King of Prussia, Penn., is a tax technology software and services company.

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