Tyler Technologies Announces Expanded Revolving Credit Facility
October 02 2019 - 8:17AM
Business Wire
Tyler Technologies Inc. (NYSE: TYL) announced today that it has
entered into a new five-year, $400 million unsecured revolving
credit facility. The new credit facility replaces Tyler’s existing
$300 million secured credit facility, which was scheduled to mature
in November 2020.
In addition to the $400 million committed revolving facility,
the new credit facility also provides a minimum of $250 million of
additional uncommitted funding through an expanded accordion
feature. In addition to expanding the size and moving to unsecured,
the credit facility also contains improved pricing compared to
Tyler’s previous credit agreement. At the time of the closing,
Tyler had no borrowings outstanding under either the new credit
facility or the prior credit agreement.
“We appreciate the confidence and support of our lending
partners in amending and extending our credit facility,” said Brian
Miller, executive vice president and chief financial officer of
Tyler Technologies. “This expanded facility provides Tyler with
access to additional capital at improved pricing to support our
long-term growth objectives.”
The lending group includes seven banks. Wells Fargo Securities,
LLC; PNC Capital Markets LLC; and SunTrust Robinson Humphrey, Inc.,
acted as Joint Lead Arrangers and Joint Bookrunners. Citizens Bank
National Association; MUFG Union Bank, N.A.; and Regions Bank acted
as Co-Documentation Agents, and Bank of Texas also participated in
the financing.
About Tyler Technologies,
Inc.
Tyler Technologies (NYSE: TYL) is the largest and most
established provider of integrated software and technology services
focused on the public sector. Tyler’s end-to-end solutions empower
local, state, and federal government entities to operate more
efficiently and connect more transparently with their constituents
and with each other. By connecting data and processes across
disparate systems, Tyler’s solutions are transforming how clients
gain actionable insights that solve problems in their communities.
Tyler has more than 21,000 successful installations across 10,000
sites, with clients in all 50 states, Canada, the Caribbean,
Australia, and other international locations. A financially strong
company, Tyler has achieved double-digit revenue growth every
quarter since 2012. It was also named to Forbes’ “Best Midsize
Employers” list in 2018 and recognized twice on its “Most
Innovative Growth Companies” list. More information about Tyler
Technologies, headquartered in Plano, Texas, can be found at
tylertech.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191002005142/en/
Brian K. Miller Executive Vice President - CFO Tyler
Technologies, Inc. 972-713-3720 brian.miller@tylertech.com
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