CoreLogic enters into $850 million term loan, $550 million revolver

By Tali Rackner

Norfolk, Va., April 22 – CoreLogic, Inc. entered into a $1.4 billion amended and restated credit agreement on Tuesday via administrative agent Bank of America, NA, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement consists of an $850 million five-year term loan facility and a $550 million five-year revolving credit facility. The revolver includes a $100 million multicurrency revolving sub-facility and a $50 million letter-of-credit sub-facility.

The entire credit facility may be increased by up to $750 million total.

Initial interest is Libor plus 175 basis points and ranges from 125 bps to 200 bps, based on leverage. The commitment fee on the unused portion of the revolver ranges from 25 bps to 40 bps, also based on leverage.

Term loans will be repaid in quarterly installments of $10,625,000 for the first eight quarters, $21.25 million for the next four quarters and $31,875,000 for each quarter after that. The outstanding balance of the term loan will be due at maturity.

The credit agreement contains certain financial maintenance covenants requiring the CoreLogic to maintain

• A maximum total leverage ratio as of the last date of any fiscal quarter of 4.5 times, provided that such total leverage ratio will step down to 4.25 times starting with the fiscal quarter ending on June 30, 2016, 4 times on June 30, 2017 and 3 times on June 30, 2018; and

• A minimum interest coverage ratio for the four-fiscal quarter period ending on the last day of any fiscal quarter of 3 times.

Based in Irvine, Calif., CoreLogic provides financial, property and consumer information and analytics.

© 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.