Online Resources gets $100 million credit facility

By Sara Rosenberg

New York, Feb. 21 - Online Resources Corp. closed on a new $100 million credit facility, according to a company news release.

Bank of America is the administrative agent on the deal and Silicon Valley Bank is the syndication agent.

The facility includes a $15 million revolver that was undrawn at close and an $85 million tranche that was used to refinance the company's bridge loan incurred to finance its July 2006 acquisition of Princeton eCom.

The new bank debt is priced at Libor plus 275 basis points, with up to 50 bps in possible additional rate declines based on declining leverage.

Online Resources is a Chantilly, Va.-based provider of web-based financial services.

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