EverCommerce Successfully Reprices Credit Agreement
EverCommerce (NASDAQ: EVCM) has successfully repriced its $533.5 million term loan, reducing the fixed component of the interest rate from SOFR plus 3.0% to SOFR plus 2.50%. The company eliminated the credit spread adjustment, resulting in approximately $3.3 million in annualized interest cost savings on the outstanding principal as of September 30, 2024. This modification is part of EverCommerce's ongoing transformation and optimization efforts. The company had previously implemented interest rate swaps with a combined notional amount of $425 million to reduce floating rate exposure. No other material amendments were made to the term loan credit facility.
EverCommerce (NASDAQ: EVCM) ha ristrutturato con successo il suo prestito a termine di 533,5 milioni di dollari, riducendo la componente fissa del tasso d'interesse da SOFR più 3,0% a SOFR più 2,50%. L'azienda ha eliminato l'aggiustamento per il credit spread, portando a circa 3,3 milioni di dollari in risparmi annualizzati sui costi d'interesse sul principale in essere al 30 settembre 2024. Questa modifica fa parte degli sforzi continui di trasformazione e ottimizzazione di EverCommerce. L'azienda aveva precedentemente implementato swap sui tassi d'interesse con un importo nozionale combinato di 425 milioni di dollari per ridurre l'esposizione ai tassi variabili. Non sono state apportate altre modifiche materiali alla struttura di credito del prestito a termine.
EverCommerce (NASDAQ: EVCM) ha reestructurado con éxito su préstamo a plazo de 533.5 millones de dólares, reduciendo el componente fijo de la tasa de interés de SOFR más 3.0% a SOFR más 2.50%. La compañía eliminó el ajuste del diferencial de crédito, lo que resultó en aproximadamente 3.3 millones de dólares en ahorros anuales en costos de interés sobre el principal pendiente al 30 de septiembre de 2024. Esta modificación es parte de los esfuerzos continuos de transformación y optimización de EverCommerce. La empresa había implementado anteriormente swaps de tasas de interés con un monto nocional combinado de 425 millones de dólares para reducir la exposición a tasas flotantes. No se realizaron otras enmiendas materiales a la instalación de crédito del préstamo a plazo.
EverCommerce (NASDAQ: EVCM)는 5억 3천 3백만 달러의 기한 대출 금리를 성공적으로 재조정하여 고정 금리 요소를 SOFR 플러스 3.0%에서 SOFR 플러스 2.50%로 낮췄습니다. 이 회사는 신용 스프레드 조정을 제거하여 2024년 9월 30일 기준 미지급 원금에 대해 약 330만 달러의 연간 이자 비용 절감 효과를 얻었습니다. 이 수정은 EverCommerce의 지속적인 변혁 및 최적화 노력의 일환입니다. 회사는 변동 금리 노출을 줄이기 위해 4억 2천 5백만 달러의 총 명목 금액을 가진 금리 스왑을 이전에 시행했습니다. 기한 대출 신용 시설에 대한 다른 중요한 수정은 이루어지지 않았습니다.
EverCommerce (NASDAQ: EVCM) a réussi à réévaluer son prêt à terme de 533,5 millions de dollars, réduisant la composante fixe du taux d'intérêt de SOFR plus 3,0% à SOFR plus 2,50%. L'entreprise a éliminé l'ajustement de l'écart de crédit, entraînant environ 3,3 millions de dollars d'économies annuelles sur les coûts d'intérêt sur le principal en circulation au 30 septembre 2024. Cette modification fait partie des efforts permanents de transformation et d'optimisation d'EverCommerce. L'entreprise avait précédemment mis en œuvre des swaps de taux d'intérêt avec un montant notionnel combiné de 425 millions de dollars afin de réduire son exposition aux taux d'intérêt flottants. Aucune autre modification matérielle n'a été apportée à la facilité de crédit du prêt à terme.
EverCommerce (NASDAQ: EVCM) hat erfolgreich sein 533,5 Millionen Dollar umfassendes Terminkreditgeschäft umstrukturiert, wodurch die feste Komponente des Zinssatzes von SOFR plus 3,0% auf SOFR plus 2,50% gesenkt wurde. Das Unternehmen hat die Anpassung des Kreditspreads eliminiert, was zu einem jährlichen Einsparungseffekt von etwa 3,3 Millionen Dollar an Zinskosten auf das ausstehende Kapital bis zum 30. September 2024 führte. Diese Modifikation ist Teil der fortlaufenden Transformations- und Optimierungsbemühungen von EverCommerce. Das Unternehmen hatte zuvor Zinsswaps mit einem Gesamtbetrag von 425 Millionen Dollar implementiert, um die Aussetzung gegenüber variablen Zinssätzen zu verringern. An der Kreditfazilität des Terminkredits wurden keine weiteren wesentlichen Änderungen vorgenommen.
- Achieved $3.3 million in annual interest cost savings
- Successfully reduced loan interest rate by 50 basis points
- Eliminated credit spread adjustment
- Maintained $425 million in interest rate swaps protection
- Maintains substantial debt load of $533.5 million
Insights
DENVER, Dec. 16, 2024 (GLOBE NEWSWIRE) -- EverCommerce (NASDAQ: EVCM), a leading provider of SaaS solutions for service SMBs, announced today that it successfully repriced the fixed rate component of its
The repricing reduced the fixed component of the interest rate determination by 50 basis points (from SOFR plus
EverCommerce previously announced the execution of a series of interest rate swaps with a combined notional amount of
Investor Contact:
Brad Korch
SVP and Head of Investor Relations
720-796-7664
ir@evercommerce.com
Press Contact:
Jeanne Trogan
VP of Corporate Communications
512-705-1293
press@evercommerce.com
About EverCommerce
EverCommerce (Nasdaq: EVCM) is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 690,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. With its EverPro, EverHealth, and EverWell brands specializing in Home, Health, and Wellness service industries, EverCommerce provides end-to-end business management software, embedded payment acceptance, marketing technology, and customer experience applications. Learn more at EverCommerce.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, statements regarding anticipated annual interest cost savings. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, we may need to incur additional indebtedness or seek capital through new equity or debt financings in order to support the growth of our business as well as the other factors described in our Annual Report on Form 10-K for the year ended December 31, 2023 and updated by our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
FAQ
How much will EVCM save annually from the December 2024 loan repricing?
What is the new interest rate for EVCM's term loan after December 2024 repricing?
What is the total value of EVCM's term loan that was repriced?
How much of EVCM's floating rate exposure is protected by interest rate swaps?
