NCR Atleos Corporation completed several transactions for its variable rate credit facilities on October 17, 2024. These transactions were enabled by improvements in the company's credit profile and prevailing market conditions.
The refinancing reduced the weighted average spread to SOFR by approximately 100 basis points on the company’s outstanding variable rate debt of approximately $1.7 billion. The principal amount and maturity dates of the credit facilities remained unchanged.
This financial maneuver is expected to result in meaningful incremental earnings and free cash flow for Atleos in 2025. The company's revolving credit commitments also increased by $100 million, and a new class of incremental term loan commitments in the amount of $300 million was established.
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