Accelevation secures $650M senior secured credit agreement
Accelevation (ACCV) announced Tuesday that it has entered into a new $650M senior secured credit agreement that replaces its former credit facilities established before the company’s initial public offering.
The company highlighted that the new facilities consist of a $400M revolving credit facility and a $250M term loan A, mature in 2031, and are currently priced at the term secured overnight financing rate, SOFR, plus 1.50% to 2.50%, compared to the prior rate of SOFR plus 4.50% to 5.25%.
Bank of America served as the administrative agent and collateral agent for the credit facilities, the company added.
BofA Securities, JPMorgan Chase Bank, Morgan Stanley Senior Funding, KeyBank National Association, and PNC Capital Markets served as joint lead arrangers, and BofA Securities and JPMorgan Chase Bank served as joint bookrunners.
Source: press release
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