The credit agreement has permitted the release of approximately $4.2 million in restricted cash held as collateral on various letters of credit issued by Bank of America on behalf of Euronet. The proceeds from the facility can be used for working capital needs, acquisitions and other corporate purposes. Certain financial performance covenants must be maintained under the credit agreement. Interest accrues on any balances outstanding at prime-based or LIBOR-based rates. As a result of the cash collateral release, on March 24, 2004, Euronet acquired at par $5.0 million of its $43.5 million in outstanding 12 3/8 % senior discount bonds.
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