NCR draws down $630 million under revolver as precautionary measure

By Sarah Lizee

Olympia, Wash., March 26 – NCR Corp. provided notice to administrative agent JPMorgan Chase Bank, NA on Tuesday to draw down $630 million under its $1.1 billion revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

As of Thursday, $1.07 billion was outstanding under the revolver.

The company said the borrowing is being made as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the Covid-19 global pandemic.

The drawdown proceeds may be used for general corporate purposes.

The revolver also allows a portion of the availability to be used for letters of credit. As of Thursday, a total of $28 million was outstanding for letters of credit.

The revolver matures Aug. 28, 2024. Interest is Libor plus 125 basis points to 225 bps, based on leverage.

NCR is a Duluth, Ga.-based consumer transaction technologies company.

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