Euronet signs $10 million credit agreement

Wednesday 24 March 2004 17:38 CET | News

Euronet Worldwide entered into a two-year unsecured revolving credit agreement, providing a facility of up to $10.0 million with Bank of America.

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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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce