Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of
on-demand software, e-commerce and payment services to the
insurance, financial and healthcare industries, today announced the
expansion of its existing syndicated credit facility through the
funding of an additional $100 million utilizing the facility’s
accordion feature.
The funding increase was provided by existing
members of the ten-bank group who expanded their share of the
credit facility. Interest rates for the facility are based on a
leveraged-based pricing grid. An additional $50 million of
incremental borrowing remains available under the facility’s
accordion feature, bringing the facility’s total potential to $795
million considering the current loan amortization.
Including worldwide cash balances in excess of
$110 million and $107 million in available borrowings, excluding
the additional accordion feature, Ebix has access to approximately
$ 217 million to fund working capital requirements, the Company’s
growth initiatives and share repurchase program. For the 12 months
ended September 30, 2018, Ebix’s net cash from operating activities
increased 24.7% to $100.9 million, compared to $80.9 million in the
comparable year-ago period.
Robin Raina, Ebix President and CEO, said, "We
are gratified by the expanded credit facility support of our bank
syndicate. This additional borrowing augments Ebix’s growing
operating cash flow in funding our growth and value creation
initiatives. Specifically, we tapped a portion of our facility’s
accordion feature in order to provide liquidity for a few not yet
disclosed accretive acquisition opportunities that we hope to
complete and announce in the coming days. The contemplated
purchases should provide at least $13 million in incremental annual
operating income.”
Ebix’s syndicated bank group is comprised of the
following ten financial institutions: Regions Bank, PNC Bank, BMO
Harris Bank, Compass Bank, Fifth Third Bank, KeyBank, Bank of the
West, Silicon Valley Bank, Cadence Bank and Trustmark National
Bank. Regions Bank continued to lead the banking group while
serving as the administrative and collateral agent. PNC Bank and
BMO Capital Markets served as co-syndication agents, BBVA Compass
and Fifth Third Bank served as co-documentation agent, and Regions
Capital Markets, PNC Capital Markets and BMO Capital Markets acted
as joint lead arrangers and joint book runners.
About Regions Financial
CorporationRegions Financial Corporation (NYSE:RF), with
$124 Billion in assets, is a member of the S&P 500 Index and is
one of the nation’s largest full-service providers of consumer and
commercial banking, wealth management, mortgage, and insurance
products and services. Regions’ Corporate Banking Group serves
public and private companies throughout the bank’s geographic
footprint as well as across the United States through its
Specialized Industry groups. Regions Capital Markets, a division of
Regions Bank, provides products and services including syndicated
loan facilities, interest rate, commodity and foreign exchange risk
hedging. Operating under wholly owned subsidiaries of Regions
Financial Corporation, Regions provides advisory and certain
capital raising services. Regions Securities LLC serves as a
broker-dealer to corporate and commercial clients, and BlackArch
Partners LLC offers merger and acquisition services.
About Ebix, Inc.With 50+
offices across 5 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors
to provide On-Demand software and E-commerce services to the
insurance, financial, healthcare and e-learning industries. In the
Insurance sector, the Company’s main focus is to develop and deploy
a wide variety of insurance and reinsurance exchanges on an
on-demand basis, while also, providing Software-as-a-Service
("SaaS") enterprise solutions in the area of CRM, front-end &
back-end systems, outsourced administrative and risk compliance,
across the world.
With a "Phygital” strategy that combines 260,000
physical distribution outlets in many Southeast Asian Nations
(“ASEAN”) countries, to an Omni-channel online digital platform,
the Company’s EbixCash Financial exchange portfolio encompasses
leadership in areas of domestic & international money
remittance, Forex, travel, pre-paid & gift cards, utility
payments, lending etc., in an emerging country like India. The
Company’s Forex Exchange has an approximate 70% market share of
India’s airport Foreign Exchange business encompassing 25
international airports like Delhi, Mumbai, Bangalore, Chennai and
Kolkata International airports, while conducting over 1 million
transactions per annum. EbixCash, through its travel portal
Via.com, is also one of Southeast Asia’s leading travel exchanges
with over 110,000 distribution outlets and 8,000 corporate clients
processing over 24.5 million transactions every year. For further
details, visit www.ebixcash.com
Through its various SaaS-based software
platforms, Ebix employs thousands of domain-specific technology
professionals to provide products, support and consultancy to
thousands of customers on six continents. For more information,
visit the Company’s website at www.ebix.com
SAFE HARBOR REGARDING FORWARD-LOOKING
STATEMENTS
As used herein, the terms “Ebix,” “the Company,”
“we,” “our” and “us” refer to Ebix, Inc., a Delaware corporation,
and its consolidated subsidiaries as a combined entity, except
where it is clear that the terms mean only Ebix, Inc.
The information contained in this Press Release
contains forward-looking statements and information within the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. This
information includes assumptions made by, and information currently
available to management, including statements regarding future
economic performance and financial condition, liquidity and capital
resources, acceptance of the Company's products by the market, and
management's plans and objectives. In addition, certain statements
included in this and our future filings with the Securities and
Exchange Commission ("SEC"), in press releases, and in oral and
written statements made by us or with our approval, which are not
statements of historical fact, are forward-looking statements.
Words such as "may," "could," "should," "would," "believe,"
"expect," "anticipate," "estimate," "intend," "seeks," "plan,"
"project," "continue," "predict," "will," "should," and other words
or expressions of similar meaning are intended by the Company to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are found at various places throughout
this report and in the documents incorporated herein by reference.
These statements are based on our current expectations about future
events or results and information that is currently available to
us, involve assumptions, risks, and uncertainties, and speak only
as of the date on which such statements are made.
Our actual results may differ materially from
those expressed or implied in these forward-looking statements.
Factors that may cause such a difference, include, but are not
limited to those discussed in our Annual Report on Form 10-K and
subsequent reports filed with the SEC, as well as: the risk of an
unfavorable outcome of the pending governmental investigations or
shareholder class action lawsuits, reputational harm caused by such
investigations and lawsuits, the willingness of independent
insurance agencies to outsource their computer and other processing
needs to third parties; pricing and other competitive pressures and
the Company's ability to gain or maintain share of sales as a
result of actions by competitors and others; changes in estimates
in critical accounting judgments; changes in or failure to comply
with laws and regulations, including accounting standards, taxation
requirements (including tax rate changes, new tax laws and revised
tax interpretations) in domestic or foreign jurisdictions; exchange
rate fluctuations and other risks associated with investments and
operations in foreign countries (particularly in Australia, UK and
India wherein we have significant operations); equity markets,
including market disruptions and significant interest rate
fluctuations, which may impede our access to, or increase the cost
of, external financing; and international conflict, including
terrorist acts.
Except as expressly required by the federal
securities laws, the Company undertakes no obligation to update any
such factors, or to publicly announce the results of, or changes to
any of the forward-looking statements contained herein to reflect
future events, developments, changed circumstances, or for any
other reason.
Readers should carefully review the disclosures
and the risk factors described in the documents we file from time
to time with the SEC, including future reports on Forms 10-Q and
8-K, and any amendments thereto. You may obtain our SEC filings at
our website, www.ebix.com under the "Investor Information" section,
or over the Internet at the SEC's web site, www.sec.gov.
CONTACT:
Darren Joseph
678 -281-2027 or IR@ebix.com
David Collins, Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com
Regions Financial (NYSE:RF)
Historical Stock Chart
From Mar 2024 to Apr 2024
Regions Financial (NYSE:RF)
Historical Stock Chart
From Apr 2023 to Apr 2024