Deluxe makes $135 million draw, leaving $202 million of availability

By Angela McDaniels

Tacoma, Wash., Oct. 1 – Deluxe Corp. drew $135 million of its $350 million credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The company used the draw plus $125 million of cash on hand to repay its 5 1/8% senior notes at maturity on Wednesday.

The total payment for the maturing debt was $260 million, which consisted of $253.5 million of principal and $6.5 million of accrued interest.

The company said it has about $202 million available on its credit facility after this initial draw and taking into account outstanding letters of credit.

Shoreview, Minn.-based Deluxe provides checks and business services for small businesses and financial institutions.

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