EBIX - Ebix signs debt extension amendment with existing lenders

• Ebix ( NASDAQ: EBIX ) signed an amendment to its existing credit agreement , extending the maturity date to May 23, 2023.
• The amendment provides for an extension of the maturity date for both the revolving line of credit and the term loan each as existing under the credit agreement.
• Also, the company was conditioned to make a $5M prepayment of the revolver and paying a customary consent fee; it also modifies certain repayment provisions in the credit agreement.
• The agreement amendment will lead to an ~1% annual interest rate increase for the interest period commencing Feb.21, 2023 compared to interest period ended immediately prior thereto.
• "We are exploring many strategic steps including an expeditious EbixCash IPO (once DRHP is approved) or/and certain other strategic initiatives, in consultation with our Indian and US investment bankers. We are focused on taking the most investor friendly path while reducing or minimizing our debt. This extension allows us the time to take various steps, towards achieving that end goal," President and CEO, Robin Raina commented.

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