Deluxe enters into five-year $950 million revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, March 21 – Deluxe Corp. entered into a credit agreement on Wednesday providing for a five-year $950 million secured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The company has the option to increase the facility to up to a total of $1,425,000,000.

Interest accrues at Libor plus a margin ranging from 125 basis points to 187.5 bps, depending on the company’s leverage ratio.

JPMorgan Chase Bank, NA, Fifth Third Bank, SunTrust Robinson Humphrey, Inc. and U.S. Bank NA are the joint bookrunners and lead arrangers.

JPMorgan is the administrative agent. Fifth Third, SunTrust Bank and U.S. Bank are the co-syndication agents. BMO Harris Bank, NA, PNC Bank, NA, MUFG and Bank of America, NA are the co-documentation agents.

The revolver matures on March 21, 2023.

Proceeds may be used to refinance existing debt and for working capital and general corporate purposes.

About $741 million is outstanding under the new credit agreement, which replaced the company’s previous credit agreement dated March 12, 2010.

Deluxe provides checks and business services for small businesses and financial institutions and is based in Shoreview, Minn.

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