CoreLogic enters into $2.5 billion amended, restated credit agreement

By Tali Rackner

Minneapolis, Aug. 15 – CoreLogic, Inc. entered into a second amended and restated credit agreement on Aug. 10 with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement provides for a $1.6 billion five-year term A1 loan facility, a $200 million five-year term A2 loan facility and a $700 million five-year revolving credit facility.

The revolver includes a $100 million multicurrency revolving subfacility and a $50 million letter-of-credit sub-facility.

The credit agreement also includes an up to $100 million accordion option.

Initial interest is equal to Libor plus 200 basis points. The spread over Libor ranges from 125 bps to 200 bps, depending on CoreLogic’s leverage ratio.

The commitment fee for the unused portion of the revolver ranges from 25 bps to 40 bps, also based on leverage.

The credit agreement contains certain financial covenants requiring the company to maintain a maximum total leverage ratio of 4.25 times, stepping down to 4 times at Sept. 30, 2018, to 3.75 times at Sept. 30, 2019 and to 3.5 times at Sept. 30, 2020; provided that if the company completes a qualified acquisition, the total leverage ratio will step up by 0.25 times for each fiscal quarter commencing in the fiscal quarter in which such qualified acquisition occurs and the total leverage ratio will step down by an additional 0.25 times starting with the fiscal quarter ending Sept. 30, 2021. It must also maintain a minimum interest coverage ratio of 3 times.

As of the effective date of the credit agreement, the company has completed a qualified acquisition and the maximum total leverage ratio for the current fiscal quarter is 4.5 times.

BofA Merrill Lynch, JPMorgan Chase Bank, NA, Wells Fargo Securities, LLC, SunTrust Robinson Humphrey, Inc., U.S. Bank NA, MUFG Union Bank, NA and Bank of the West acted as joint lead arrangers and bookrunners on the deal. SunTrust Bank, U.S. Bank, MUFG and Bank of the West acted as co-documentation agents with JPMorgan and Wells Fargo Bank, NA as co-syndication agents.

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

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