ATLANTA, GA – February 19, 2010 — Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today announced that it has entered into a new credit agreement with Bank of America as of Feb. 12, 2010
The new credit facility has three key components –
The revolving credit facility and the term loan adding up to $35 million carries an interest rate of Libor plus 1.75%, which translates at current Libor rates to an aggregate interest rate of 1.98%
The Company also announced that currently its worldwide cash balances in the bank were approximately $21.6 million. In addition, the unused portion of the Bank of America credit facility with the accordion feature calculated, as on date is $ 21.9 million. Cumulatively, this adds up to $ 43.5 million of available cash, for the company to fund its future growth and acquisition initiatives.
With 30+ offices across Brazil, Singapore, Australia, the US, New Zealand, India, China, Japan and Canada, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance, while conducting in excess of $100 billion in insurance premiums on its platforms. Through its various SaaS based software platforms, Ebix employs hundreds of insurance and technology professionals that provide products, support and consultancy to thousands of customers on six continents. Ebix’s focus on quality has enabled it to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute’s Capability Maturity Model (CMM). Ebix has also earned ISO 9001:2000 certification for both its development and BPO units in India. For more information, visit the Company’s website at www.ebix.com