Perficient restates credit agreement for $200 million revolver

By Marisa Wong

Los Angeles, May 7 – Perficient, Inc. entered into an amended and restated credit agreement on Friday with Wells Fargo Bank, NA as administrative agent for revolving credit borrowings of up to a $200 million, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement amends and restates the company’s existing credit agreement dated June 9, 2017. As of May 7, there was no outstanding balance on the existing credit agreement.

The company may increase the commitments of the new revolver by up to an additional $75 million, subject to lender approval.

The revolver matures on May 7, 2026.

Borrowings bear interest at Libor plus an applicable margin ranging from 100 basis points to 200 bps, depending on the company’s consolidated net leverage ratio.

The company must also pay a commitment fee ranging between 15 bps to 20 bps on the unused portion of the revolver, also based on the consolidated net leverage ratio.

The credit agreement requires the company to maintain a maximum consolidated total net leverage ratio of 5x, a maximum consolidated senior secured net leverage ratio of 2.5x and a minimum consolidated interest coverage ratio of 3.5x.

The restated credit facility will be used for working capital and general corporate purposes.

Wells Fargo Securities, LLC, BofA Securities, Inc. and U.S. Bank NA are the joint lead arrangers and joint bookrunners. Bank of America, NA and U.S. Bank NA are syndication agents. JPMorgan Chase Bank, NA is documentation agent.

Perficient is an IT consulting services company based in St. Louis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.