Tyler Technologies said it entered into a new Credit Agreement on September 25, 2024 with Wells Fargo Bank, National Association, as Administrative Agent, providing an unsecured revolving credit facility of up to $700 million in aggregate principal amount.

1. 01

   Tyler Technologies said it entered into a new Credit Agreement on September 25, 2024 with Wells Fargo Bank, National Association, as Administrative Agent, providing an unsecured revolving credit facility of up to $700 million in aggregate principal amount.

2. 02

   The company said the new Credit Agreement replaces the existing $500 million unsecured credit facility under the 2021 Credit Agreement, which was scheduled to mature in April 2026, and that the new agreement matures on September 25, 2029.

3. 03

   The company said borrowers may choose a rate of the prime rate plus a margin of 0.125% to 0.75%, or SOFR plus a margin of 1.125% to 1.75%. It said the commitment fee is initially 0.125% per annum, ranging from 0.125% to 0.250% based on its total net leverage ratio.

4. 04

   The company said it had no borrowings outstanding under either the new agreement or the 2021 Credit Agreement at closing. It also said that under an uncommitted accordion, it may request to increase the facility by up to the greater of $525 million and 100% of EBITDA for the prior 4 quarters, plus additional indebtedness up to the amount that would cause its total net leverage ratio to equal or exceed the stated level.

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