Amdocs amends $500 million revolving credit facility via JPMorgan

By Toni Weeks

San Luis Obispo, Calif., Dec. 12 – Amdocs Ltd. and subsidiary European Software Marketing Ltd. amended and restated their credit agreement dated Dec. 20, 2011 on Friday with JPMorgan Chase Bank, NA as administrative agent, J.P. Morgan Europe Ltd. as London agent and JPMorgan Chase Bank NA, Toronto branch as Canadian agent, according to a 6-K filing with the Securities and Exchange Commission.

The credit agreement, which matures December 2019, provides for an unsecured $500 million five-year revolving credit facility with a syndicate of banks.

Borrowings bear interest at Libor plus 90 basis points to 150 bps, and there is a facility fee of 10 bps to 25 bps. Both depend on the company’s credit ratings.

Under the agreement, the company may not permit the ratio of consolidated EBITDA to consolidated interest expense to be less than 4.00 to 1.00, and it may not allow the ratio of consolidated total debt to consolidated EBITDA to be greater than 3.25 to 1.00.

The facility is available for general corporate purposes, including acquisitions and possible repurchases of the company’s common shares.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and HSBC Bank plc were the joint lead arrangers and joint bookrunners.

Citibank, NA and HSBC Bank were the syndication agents, and Royal Bank of Canada was the documentation agent.

Amdocs Ltd. is the parent company of Amdocs, Inc., a Chesterfield, Mo.-based customer relationship management software company.

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