\nEVERTEC, Inc. (NYSE: EVTC) (\u201cEVERTEC\u201d or the \u201cCompany\u201d) today announced that the Company successfully refinanced its existing credit facilities on December 1, 2022. The new credit facilities consist of an expanded $200 million revolving credit facility and a $415 million term loan A, both of which are due on December 1, 2027. Proceeds from the new term loan and a $50 million draw on the revolving credit facility were used to repay in full the Company\u2019s existing term loan A and term loan B.\n<\/p>\n
\nThe interest rate on the term loan and the revolving credit facility will be based on adjusted SOFR (SOFR plus 0.10%) plus an applicable spread which will vary based on Evertec\u2019s leverage ratio. At Evertec\u2019s current leverage ratio the current spread over adjusted SOFR will be 1.50%.\n<\/p>\n
\nJoaquin Castrillo, Chief Financial Officer stated, \u201cWe are very pleased to have completed our debt refinancing with an expanded revolving facility that we expect will allow us greater flexibility to execute on our strategic imperatives with a continued focus on M&A.\u201d\n<\/p>\n
\nTruist Securities, Inc. acted as left lead arranger, administrative agent and collateral agent for the transaction, with Banco Popular de Puerto Rico and Citizens Bank, N.A. as joint lead arrangers and co-syndication agents, and FirstBank Puerto Rico and Fifth Third Bank, National Association as joint lead arrangers and co-documentation agents.\n<\/p>\n
About Evertec<\/b><\/p>\n
\nEVERTEC, Inc. (NYSE: EVTC) is a leading full-service transaction processing business in Puerto Rico, the Caribbean and Latin America, providing a broad range of merchant acquiring, payment services and business process management services. Evertec owns and operates the ATH\u00ae network, one of the leading personal identification number (\u201cPIN\u201d) debit networks in Latin America. In addition, the Company manages a system of electronic payment networks and offers a comprehensive suite of services for core banking, cash processing and fulfillment in Puerto Rico, that process over three billion transactions annually. The Company also offers technology outsourcing in all the regions it serves. Based in Puerto Rico, the Company operates in 26 Latin American countries and serves a diversified customer base of leading financial institutions, merchants, corporations and government agencies with \u201cmission-critical\u201d technology solutions. For more information, visit www.evertecinc.com<\/a>.\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nCertain statements in this press release constitute \u201cforward-looking statements\u201d within the meaning of, and subject to the protection of, the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of EVERTEC to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by, or that otherwise include the words \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cprojects,\u201d \u201cestimates,\u201d and \u201cplans\u201d and similar expressions of future or conditional verbs such as \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cmay,\u201d and \u201ccould\u201d are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.\n<\/p>\n \nVarious factors that could cause actual future results and other future events to differ materially from those estimated by management include, but are not limited to: the Company\u2019s reliance on its relationship with Popular, Inc. (\u201cPopular\u201d) for a significant portion of its revenues pursuant to the Company\u2019s second amended and restated Master Services Agreement (“MSA”) with them, and to grow the Company\u2019s merchant acquiring business; the Company\u2019s ability to renew its client contracts on terms favorable to the Company, including but not limited to the current term and any extension of the MSA with Popular; the Company\u2019s dependence on its processing systems, technology infrastructure, security systems and fraudulent payment detection systems, as well as on the Company\u2019s personnel and certain third parties with whom it does business, and the risks to the Company\u2019s business if its systems are hacked or otherwise compromised; the Company\u2019s ability to develop, install and adopt new software, technology and computing systems; a decreased client base due to consolidations and failures in the financial services industry; the credit risk of the Company\u2019s merchant clients, for which it may also be liable; the continuing market position of the ATH network; a reduction in consumer confidence, whether as a result of a global economic downturn or otherwise, which leads to a decrease in consumer spending; the Company\u2019s dependence on credit card associations, including any adverse changes in credit card association or network rules or fees; changes in the regulatory environment and changes in international, legal, tax, political, administrative or economic conditions; the geographical concentration of the Company\u2019s business in Puerto Rico, including its business with the government of Puerto Rico and its instrumentalities, which are facing severe political and fiscal challenges; additional adverse changes in the general economic conditions in Puerto Rico, whether as a result of the government\u2019s debt crisis or otherwise, including the continued migration of Puerto Ricans to the U.S. mainland, which could negatively affect the Company\u2019s customer base, general consumer spending, the Company\u2019s cost of operations and the Company\u2019s ability to hire and retain qualified employees; operating an international business in Latin America and the Caribbean, in jurisdictions with potential political and economic instability; the impact of foreign exchange rates on operations; the Company\u2019s ability to protect its intellectual property rights against infringement and to defend itself against claims of infringement brought by third parties; the Company\u2019s ability to comply with U.S. federal, state, local and foreign regulatory requirements; evolving industry standards and adverse changes in global economic, political and other conditions; the Company\u2019s level of indebtedness and restrictions contained in the Company\u2019s debt agreements, including the secured credit facilities, as well as debt that could be incurred in the future; the Company\u2019s ability to prevent a cybersecurity attack or breach to its information security; the possibility that the Company could lose its preferential tax rate in Puerto Rico; the possibility of future catastrophic hurricanes, earthquakes and other potential natural disasters affecting the Company\u2019s main markets in Latin America and the Caribbean; and uncertainty related to the effect of the discontinuation of the London Interbank Offered Rate at the end of 2021.\n<\/p>\n \nConsideration should be given to the areas of risk described above, as well as those risks set forth under the headings \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d in the reports we file with the SEC from time to time, in connection with considering any forward-looking statements that may be made by us and our businesses generally. We undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless we are required to do so by law.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20221202005389\/en\/<\/a><\/span><\/p>\n Investor Contact KEYWORDS:<\/b> Caribbean Puerto Rico<\/p>\n INDUSTRY KEYWORDS:<\/b> Finance Banking Payments Professional Services Technology<\/p>\n<\/p>\n
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Beatriz Brown-S\u00e1enz
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(787) 773-5442
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IR@evertecinc.com<\/a><\/p>\n
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