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Envestnet enters into $350 million five-year restated revolver
By Marisa Wong
Morgantown, W.Va., July 24 – Envestnet, Inc. entered into a second amended and restated credit agreement on July 18 for revolving credit commitments totaling up to $350 million that can be increased by $50 million, according to an 8-K filed Monday with the Securities and Exchange Commission.
BMO Capital Markets Corp. is the lead arranger and bookrunner. Bank of Montreal is administrative agent; Citizens Bank, NA and KeyBank NA are co-syndication agents; and Silicon Valley Bank, MUFG Union Bank, NA, Associated Bank, NA and Regions Bank are co-documentation agents.
The credit agreement amends and restates the company’s amended and restated credit agreement dated Nov. 19, 2015 with Bank of Montreal as administrative agent.
The newly restated credit agreement also includes a $5 million subfacility for the issuance of letters of credit.
Borrowings bear interest at Libor plus 150 basis points to 325 bps, based on Envestnet’s total leverage ratio. The applicable margin is initially 225 bps.
The commitment fee ranges from 25 bps to 30 bps and is initially 25 bps.
Borrowings are scheduled to mature on July 18, 2022.
The credit agreement contains financial covenants requiring Envestnet to maintain compliance with a maximum senior leverage ratio, a maximum total leverage ratio, a minimum interest coverage ratio and minimum liquidity requirement.
Obligations are guaranteed by substantially all of Envestnet’s U.S. subsidiaries.
Proceeds may be used to finance capital expenditures, working capital, permitted acquisitions and for general corporate purposes.
Envestnet is a Chicago-based provider of unified wealth management technology and services to financial advisers.
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