Tyler Technologies Inc. (NYSE: TYL) announced today that it has entered into a new five-year, $400 million unsecured revolving credit facility. The new credit facility replaces Tyler’s existing $300 million secured credit facility, which was scheduled to mature in November 2020.
In addition to the $400 million committed revolving facility, the new credit facility also provides a minimum of $250 million of additional uncommitted funding through an expanded accordion feature. In addition to expanding the size and moving to unsecured, the credit facility also contains improved pricing compared to Tyler’s previous credit agreement. At the time of the closing, Tyler had no borrowings outstanding under either the new credit facility or the prior credit agreement.
“We appreciate the confidence and support of our lending partners in amending and extending our credit facility,” said Brian Miller, executive vice president and chief financial officer of Tyler Technologies. “This expanded facility provides Tyler with access to additional capital at improved pricing to support our long-term growth objectives.”
The lending group includes seven banks. Wells Fargo Securities, LLC; PNC Capital Markets LLC; and SunTrust Robinson Humphrey, Inc., acted as Joint Lead Arrangers and Joint Bookrunners. Citizens Bank National Association; MUFG Union Bank, N.A.; and Regions Bank acted as Co-Documentation Agents, and Bank of Texas also participated in the financing.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) is the largest and most established provider of integrated software and technology services focused on the public sector. Tyler’s end-to-end solutions empower local, state, and federal government entities to operate more efficiently and connect more transparently with their constituents and with each other. By connecting data and processes across disparate systems, Tyler’s solutions are transforming how clients gain actionable insights that solve problems in their communities. Tyler has more than 21,000 successful installations across 10,000 sites, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. A financially strong company, Tyler has achieved double-digit revenue growth every quarter since 2012. It was also named to Forbes’ “Best Midsize Employers” list in 2018 and recognized twice on its “Most Innovative Growth Companies” list. More information about Tyler Technologies, headquartered in Plano, Texas, can be found at tylertech.com.