Ebix +4.3% after landing $150M credit facility


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.

Comments (5)
  • Contrarian Research
    , contributor
    Comments (170) | Send Message
     
    This is the beginnimg of the end of the short attacks. They wont bring the price down any longer. Ebix will be above $20 before year end.
    6 Aug 2014, 11:13 AM Reply Like
  • bryan.g.forsyth
    , contributor
    Comments (764) | Send Message
     
    No way to spin this as anything other than positive. Reflects well on the current state of the company, and hopefully it uses the money wisely. We'll soon know if earnings are just as positive.
    6 Aug 2014, 11:16 AM Reply Like
  • bluedevilAK
    , contributor
    Comments (41) | Send Message
     
    Great news. Impressive to get a line like this at such low rates...hopefully they use this capital for some great acquisitions and BUY BACK!!!
    6 Aug 2014, 11:46 AM Reply Like
  • Ray_Rich
    , contributor
    Comments (55) | Send Message
     
    Huge news, I hope they are beginning the buyback today... If the earnings are good at weeks end we may not see these levels again.
    6 Aug 2014, 11:57 AM Reply Like
  • athuston
    , contributor
    Comments (63) | Send Message
     
    Time to add to your positions. Nice base formed at $12.5..... ATH
    6 Aug 2014, 01:22 PM Reply Like
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