[ad_1]
SAN JUAN, Puerto Rico, December 2, 2022—(BUSINESS WIRE)–EVERTEC, Inc. (NISE: EVTC) (“EVERTEC” or the “Company”) announced today that the Company has successfully refinanced its existing credit facilities on December 1, 2022. The new credit facilities consist of an extended revolving credit facility of $200 million and a term loan A of 415 million, due on December 1, 2027. The proceeds from the new term loan and the $50 million draw down of the revolving credit facility were used to repay in full the Company’s existing term loan A and term loan B.
The interest rate on the term loan and revolving credit facility will be based on the adjusted SOFR (SOFR plus 0.10%) plus an applicable spread that will vary depending on Evertec’s leverage ratio. At Evertec’s current leverage ratio, the current spread over the adjusted SOFR will be 1.50%.
Joaquin Casrillo, Chief Financial Officer, stated: “We are very pleased to have completed our debt refinancing with an extended revolving facility that we expect will allow us greater flexibility in executing our strategic imperatives with a continued focus on M&A.”
Truist Securities, Inc. acted as lead lead arranger, administrative agent and collateral agent for the transaction, with Banco Popular de Puerto Rico and Citizens Bank, NA as joint lead arrangers and co-syndication agents, and FirstBank Puerto Rico and Fifth Third Bank, National Association as joint lead arrangers and agents for co-documentation.
About Evertec
EVERTEC, Inc. (NISE: EVTC) is a leading full-service transaction processing company in Puerto Rico, the Caribbean and Latin America, providing a wide range of purchasing, payment and business process management services. Evertec owns and operates the ATH® network, one of the leading personal identification number (“PIN”) debit networks in Latin America. In addition, the Company operates a system of electronic payment networks and offers a comprehensive suite of core banking, cash processing and fulfillment services in Puerto Rico, processing over three billion transactions annually. The company also offers technology outsourcing in all regions it serves. Headquartered in Puerto Rico, the company operates in 26 Latin American countries and serves a diverse client base of leading financial institutions, merchants, corporations and government agencies with “mission-critical” technology solutions. For more information, visit www.evertecinc.com.
Forward-looking statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of and under the protection of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause EVERTEC’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied in such forward-looking statements. Statements preceded, followed by or otherwise including the words “believes”, “expects”, “anticipates”, “intends”, “projects”, “estimates” and “plans” and similar expressions of future or conditional verbs such as as which are “will”, “should”, “would”, “can” and “could” are generally future-oriented in nature, not historical facts. All statements relating to expectations or other characterizations of future events, circumstances or results are forward-looking statements.
Various factors that could cause actual future results and other future events to differ materially from those estimated by management include, but are not limited to: the Company’s reliance on its relationship with Popular, Inc. (“Popular”) for a substantial portion of its revenues pursuant to the Company’s second amended and restated master services agreement (“MSA”) with them, as well as to grow the Company’s merchant acquisition business; the Company’s ability to renew contracts with its customers on terms favorable to the Company, including but not limited to the current term and any extension of the MSA with Popular; the Company’s dependence on its processing systems, technology infrastructure, security systems and fraud detection systems, as well as on the Company’s personnel and certain third parties with whom it does business, and the risk to the Company’s business if its systems are hacked or otherwise compromised; the Company’s ability to develop, install and adopt new software, technology and computer systems; a reduced customer base due to consolidation and failures in the financial services industry; the credit risk of the Company’s trade customers, for which it may also be responsible; continued market position of the ATH network; a decrease in consumer confidence, whether as a result of the global economic downturn or otherwise, leading to a decrease in consumer spending; the Company’s dependence on credit card associations, including any adverse changes in credit card or network rules or fees; changes in the regulatory environment and changes in international, legal, tax, political, administrative or economic conditions; the geographic concentration of the Company’s business in Puerto Rico, including business with the government of Puerto Rico and its instrumentalities, which face serious political and fiscal challenges; additional adverse changes in general economic conditions in Puerto Rico, whether as a result of the government’s debt crisis or otherwise, including the continued migration of Puerto Ricans to the U.S. mainland, which could adversely affect the Company’s customer base, general spending, the Company’s operating costs and the Company’s ability to hire and retain qualified employees; conducting international business in Latin America and the Caribbean, in jurisdictions with potential political and economic instability; the impact of exchange rates on business; the Company’s ability to protect its intellectual property rights from infringement and to defend against claims of infringement by third parties; the company’s ability to comply with federal, state, local and foreign regulatory requirements; evolving industry standards and adverse changes in global economic, political and other conditions; the level of the Company’s indebtedness and the limitations contained in the Company’s debt agreements, including secured lines of credit, as well as debt that may be incurred in the future; the Company’s ability to prevent a cyber security attack or breach of its information security; the possibility of the company losing its preferential tax rate in Puerto Rico; the possibility of future catastrophic hurricanes, earthquakes and other potential natural disasters affecting the Company’s principal markets in Latin America and the Caribbean; and uncertainty regarding the effect of the end of the London Interbank Offered Rate at the end of 2021.
The areas of risk described above, as well as those risks set forth under the headings “Forward-Looking Statements” and “Risk Factors” in the reports we file with the SEC from time to time, should be considered in connection with the consideration of any forward-looking statements we may make. us and our businesses in general. We undertake no obligation to publicly announce any revisions to any forward-looking statement, to report events or to report the occurrence of unanticipated events unless we are required to do so by law.
See the original version on businesswire.com: https://www.businessvire.com/nevs/home/20221202005389/en/
Contacts
Contact with the investor
Beatriz Brown-Saenz
(787) 773-5442
IR@evertecinc.com
[ad_2]
Source link
