EverCommerce reprices credit agreement

EverCommerce (EVCM) repriced the fixed rate component of its $533.5 million term loan as part of its continued transformation and optimization efforts. The term loan was repriced at par and will bear an interest rate of SOFR plus 2.50%. The repricing reduced the fixed component of the interest rate determination by 50 basis points and eliminated the credit spread adjustment, resulting in an annualized interest cost savings of approximately $3.3 million on the outstanding principal amount as of September 30, 2024. There were no other material amendments to the term loan credit facility other than the repricing. EverCommerce previously announced the execution of a series of interest rate swaps with a combined notional amount of $425 million, effectively reducing the company’s floating rate exposure.