Ebix +4.3% after landing $150M credit facility

|About: Ebix Inc (EBIX)|By:, SA News Editor

A slew of banks have jointly provided EBIX with a 5-year credit facility worth $150M. The company has "the option to request an increase in the Credit Facilities of up to [$200M], without Lender approval, subject to receipt of additional lender commitments."

$33M of the funds will be used to pay off an existing credit line; the remainder will be available to finance "growth and share repurchase initiatives."

The insurance software vendor, which is still dealing with multiple legal/regulatory probes, had $6.1M in net cash as of May 9.