Benzinga | Jun 21, 2021 09:50AM EDT

Paya Prices $250M Term Loan, $45M Revolving Credit Facility For Debt Refinancing

* Integrated payment and commerce solutions provider Paya Holdings Inc (NASDAQ:PAYA) has raised $250 million via a seven-year senior secured term loan and a five-year, $45 million senior secured revolving credit facility.

* The term loan will bear interest at a LIBOR rate plus 3.25% with a 0.75% LIBOR floor. The revolving credit facility will accrue interest at a rate of LIBOR plus 3.25%.

* Previously, Paya announced its plans to refinance its outstanding $228 million term loan facility due 2027 and $25 million revolving credit facility due 2025.

* The revolving credit facility is estimated to be undrawn at closing.

* Paya will utilize the term loan proceeds to repay its outstanding term loan facility.

* The refinancing aims to improve Paya's financial flexibility, reduce interest expense and extend its debt maturity.

* Paya held $219.8 million in long-term debt as of Mar. 31, 2021.

* Price action: PAYA shares are up 0.37% at $10.90 on the last check Monday.