Descartes Systems increases senior secured credit facility
Descartes has amended and increased its existing $150M senior secured revolving credit facility. The new amended increased facility, with BMO as sole lead and arranger, consists of a $350M revolving operating credit facility to be available for general corporate purposes, including the financing of ongoing working capital needs and acquisitions, including the Visual Compliance transaction. With the approval of the lenders, the credit facility can be further expanded to a total of $500M. The credit facility has a five-year maturity with no fixed repayment dates prior to the end of the five-year term ending in January 2024. Borrowings under the credit facility are secured by a first charge over substantially all of Descartes' assets.