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USA Technologies Announces New Credit Facility with JP Morgan Chase Bank, N.A.
USA Technologies, Inc. (OTC:USAT) (“USAT” or the “Company”), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, announced today that it has entered into a new Credit Agreement with JP Morgan Chase Bank, N.A. The Credit Agreement provides for a $5 million secured revolving credit facility and a $15 million secured term facility, which includes an uncommitted expansion feature that allows USAT to increase the Credit Facility by up to $5 million. The new facility replaces its existing debt facility, which it entered into on October 9, 2019.
The Credit Facility has a three-year maturity. Until December 31, 2021, interest on the Credit Facility will be based, at the Company’s option, on a base rate plus 3.75% or on LIBOR plus 4.75%. Thereafter, the applicable margin will be tied to the Company’s total leverage ratio and having ranges of between 2.75% and 3.75% for base rate loans and between 3.75% and 4.75% for LIBOR loans.
The Company will use the net proceeds to repay all outstanding borrowings under its previous revolving credit facility and plans to use remaining proceeds and available cash for working capital needs and general corporate purposes.
About USA Technologies, Inc.
USA Technologies, Inc. is a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market. USAT is transforming the unattended retail community by offering one integrated solution for payments processing, logistics, and back-office management. The Company’s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively.