CoreLogic draws additional $525 million on term loan to redeem notes

By Marisa Wong

Morgantown, W.Va., July 20 – CoreLogic, Inc. borrowed an additional $525 million on its term loan facility on June 18, according to an 8-K filing with the Securities and Exchange Commission.

The borrowing was made under CoreLogic’s amended and restated credit agreement dated April 21, 2015 with Bank of America, NA as administrative agent. The company had entered into an amendment to the credit agreement on June 29 to allow for the borrowing.

About $411 million of the borrowings was used to finance the redemption of the company’s 7¼% senior notes due 2021. The company redeemed $393 million of the notes on July 18 at 103.625 plus accrued interest.

Of the remaining proceeds, about $4 million was retained as cash on hand, and roughly $110 million was used to pay a portion of outstanding debt under the company’s revolving credit facility.

Following the drawdown, the credit agreement consists of $1.33 billion of outstanding term loans and a $550 million revolver. As of July 18, the total amount outstanding under the revolver was $280 million.

The company has the option to request to increase the aggregate amount of commitments by an additional $225 million.

The term loan matures on and the revolving credit facility expires on April 21, 2020.

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

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