Open Lending closes $175 million credit agreement at Libor plus 200 bps

Chicago, March 25 – Open Lending LLC closed a new credit agreement on March 19 for $175 million with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The facility matures March 19, 2026.

The facility consists of a $125 million senior secured term loan that was funded on the closing date and a senior secured revolver for $50 million.

The interest rate varies, but is expected to start at Libor plus 200 basis points, subject to a 0% Libor floor.

Pricing is based on leverage and ranges from Libor plus 175 bps to Libor plus 250 bps.

The commitment fee on the revolver will be between 20 bps and 27.5 bps.

The company said these rates are significantly lower than those of its previous debt.

Proceeds will be used to refinance debt and for general corporate purposes.

Wells Fargo Securities, LLC was the lead arranger and was joined by BofA Securities, Inc., JPMorgan Chase Bank, NA and Regions Capital Markets as bookrunners.

Open Lending is an Austin, Tex.-based provider of lending enablement and risk analytics solutions to financial institutions.

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