ACI Worldwide lifts credit facility to $300 million, extends maturity

By Susanna Moon

Chicago, Aug. 12 - ACI Worldwide, Inc. lifted its senior secured credit facility by $100 million to $300 million and extended the maturity of the loans under a fourth amendment to the credit agreement.

The increased amount may be used for incremental term loans and/or increases in the revolving commitment.

The loans will mature five years from issue of the company's $300 million senior notes due 2020, according to an 8-K filing with the Securities and Exchange Commission.

The company originally closed the credit agreement on Nov. 10, 2011 with Wells Fargo Securities, LLC, RBS Citizens, NA, Sovereign Bank, NA and U.S. Bank NA as lead arrangers and bookrunning managers and with Wells Fargo Bank, NA as administrative agent, swingline lender and issuing lender.

Lenders approved the fourth amendment to the credit facility on June 14, but the amendment becomes effective upon issue of the new notes. The company announced in a press release on Monday that it has begun its private offering of senior notes.

Proceeds from the Rule 144A deal will be used to repay the outstanding amount under the revolving portion of the credit facility as well as for general corporate purposes.

Once the fourth amendment takes effect, the credit agreement will require the company to maintain

• A maximum consolidated total net leverage ratio of 4 times through the fiscal quarter ending June 30, 2014 and of 3.75 times after that;

• From the date on which the common or preferred shares of Online Resources Corp. were first acquired by Online Resources Acquisition Co. to March 31, 2014, a minimum fixed charge coverage ratio of 1.65 times; from June 30, 2014 to March 31, 2015, a minimum fixed charge coverage ratio of 1.5 times; and beginning June 30, 2015, a minimum fixed charge coverage ratio of 1.3 times; and

• A consolidated senior secured net leverage ratio of no more than or equal to 3 times.

ACI is a Naples, Fla.-based provider of payment systems.

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