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EBIX > SEC Filings for EBIX > Form 8-K on 22-Jun-2016All Recent SEC Filings

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Form 8-K for EBIX INC


Entry into a Material Definitive Agreement

Item 1.01 - Entry Into a Material Definitive Agreement
On June 17, 2016, Ebix, Inc. (the "Company") and certain of its subsidiaries entered into the Second Amendment (the "Second Amendment") to the Regions Secured Credit Facility (the "Credit Agreement"), dated August 5, 2014, among the Company, Regions Financial Corporation as Administrative and Collateral Agent ("Regions"), with Regions, MUFG Union Bank N.A., TD Bank N.A., Silicon Valley Bank, Fifth Third Bank, PNC Bank, BMO Harris Bank, KeyBank, HSBC Bank, Cadence Bank, and Trustmark Bank as joint lenders.

A copy of this Second Amendment is attached as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference in its entirety. The Second Amendment amends the Credit Agreement by increasing the total credit facility to $400 million from the prior amount of $240 million, and expands the syndicated bank group to eleven participants by adding six new particpants which includes PNC Bank, BMO Harris Bank, KeyBank, HSBC Bank, Cadence Bank, and Trustmark Bank. The amended credit facility now consists of a 5-year revolving credit component in the amount of $275 million, and a 5-year term loan component in the amount of $125 million. The credit facility carries a leverage-based Libor related interest rate, which currently stands at approximately 2.25%. Below are the amended Lenders, Commitment Amounts and Commitment Percentages:

        Lender          Lending Commitment Commitment Percentage
        Regions            $62,500,000            15.63%
        TD Bank            $52,500,000            13.13%
          PNC              $52,500,000            13.13%
    BMO Harris Bank        $37,500,000             9.38%
        KeyBank            $37,500,000             9.38%
    MUFG Union Bank        $37,500,000             9.38%
         HSBC              $30,000,000             7.50%
  Silicon Valley Bank      $30,000,000             7.50%
    Fifth Tird Bank        $30,000,000             7.50%
     Cadence Bank          $20,000,000             5.00%
Trustmark National Bank    $10,000,000             2.50%
         Total             $400,000,000            100%

On June 20, 2016 the Company issued a press release announcing the details of this Second Amendment to the subject Credit Agreement. A copy of this press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.

Item 9.01 - Exhibits
10.1        Amendment No.2 dated June 17, 2016 to the Credit Agreement dated as
            of August 5, 2014, entered into by and among Ebix, Inc., as Borrower,
            certain subsidiaries of the Company from time to time party thereto,
            as Guarantors, Regions Bank, as Administrative Agent and Collateral
            Agent, and the lenders from time to time party thereto.

99.1   Press Release, dated June 20, 2016, issued by Ebix, Inc.

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