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Invesco enters into $2 billion amended, restated credit agreement
By Mary-Katherine Stinson
Lexington, Ky., April 28 - Invesco Ltd. and indirect subsidiary Invesco Finance plc entered a $2 billion sixth amended and restated credit agreement on April 26, according to an 8-K filing with the Securities and Exchange Commission.
The agreement is now set to mature April 26, 2028.
The agreement includes a $50 million sublimit for standby letters of credit, which may be denominated in dollars or sterling, and a $100 million sublimit for swingline loans. All advances are to be in dollars.
Under certain conditions, the borrower may elect to increase the total commitments to a maximum amount of $2.5 billion.
Borrowings will bear interest at SOFR plus 10 basis points CSA plus an applicable margin based on the current credit ratings of Invesco and Invesco Finance. Initially, the applicable margin will be 112.5 bps.
There is a commitment fee on the total unused commitments of 12.5 bps, also based on the current credit ratings of Invesco and Invesco Finance.
Financial covenants require the quarterly maintenance of a debt-to-EBITDA ratio not greater than 3.25x and a coverage ratio not less than 4x. The required leverage ratio may be increased to 3.75x for up to four quarters if related to an acquisition over $500 million.
Bank of America, NA is the administrative agent.
Invesco Ltd. is the guarantor.
Proceeds are to be used for working capital, capital expenditures and general corporate purposes.
This agreement amends and restates the company’s prior credit agreement totaling $1.5 billion which was set to expire April 26, 2026. There were no prepayment fees.
Invesco Ltd. is a global investment management firm headquartered in Atlanta.
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