Deluxe announced on November 19, 2024, the pricing of $450 million aggregate principal amount of its senior secured notes due 2029. The offering size was upsized from the previously announced $400 million.
These notes will bear interest at a rate of 8.125% per annum, payable semi-annually, with the offering expected to close on December 3, 2024. The proceeds from this offering, combined with borrowings under new senior secured credit facilities, are intended to refinance the company's existing term A loan facility and revolving credit facility, as well as cover transaction fees and expenses.
The refinancing plan includes new senior secured credit facilities comprising a $400 million revolving credit facility and a $500 million term A loan facility, extending maturities to February 1, 2029. This move aims to enhance the company's financial flexibility and manage its debt obligations.
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