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CSG Systems refinances credit agreement, increases to $600 million
Chicago, Sept. 14 – CSG Systems International, Inc. refinanced its credit agreement, consisting of a term loan and a revolver, on Monday, as reported in an 8-K filing with the Securities and Exchange Commission.
The maturity date has been extended to September 2026 from March 2023 as part of the refinancing.
The entire facility is now $600 million, due to an increase in the revolver to $450 million from $200 million.
The term loan is sized at $150 million.
Proceeds from the term loan were used to repay the outstanding $120 million balance of the previous term loan. The other $30 million will be used to pay certain fees and expenses in connection with the refinancing with the remainder allotted for general corporate purposes.
Interest and other fees have been reduced.
Interest is now Libor plus 137.5 basis points to 212.5 bps. The commitment fee on the daily unused amount of the revolver ranges from 15 bps to 32.5 bps.
Both rates are based on net secured total leverage.
Quarterly amortization payments on the term loan are mandatory.
Bank of America Securities, Inc. and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners.
Wells Fargo Bank, NA is the syndication agent.
BBVA, USA and U.S. Bank NA are the co-documentation agents.
Bank of America, NA is the administrative agent, collateral agent, swingline lender and issuing back.
The refinancing replaces the March 2018 credit agreement.
CSG Systems is an Englewood, Colo.-based provider of software and services-based business support solutions that help clients generate revenue and maximize customer relationships.
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