Ebix signs debt extension amendment with existing lenders

Ebix announced that it has signed an amendment to its existing credit agreement, extending the maturity date to May 23, 2023. Amendment No. 13 provides for, among other things, an extension of the maturity date for both the revolving line of credit and the term loan, each as existing under the Credit Agreement. It was conditioned, among other things, upon the Company making a $5,000,000 prepayment of the Revolver and paying a customary consent fee.Amendment No. 13 modifies certain repayment provisions in the Credit Agreement to provide that each repayment of the Revolver shall be accompanied by a corresponding reduction of the aggregate revolving commitments, with amounts repaid on the Revolver not being available to be reborrowed and the Company shall be required to make an amortization payment on the Term Loan in an amount of $5,000,000 for the fiscal quarter ending March 31, 2023. Amendment No. 13 will result in an approximately 1.00% per annum interest rate increase for the interest period beginning February 21, 2023 compared to the interest period ended immediately prior thereto.