RealPage, a leading provider of on-demand software and software-enabled services to the rental housing industry, has entered into a new revolving credit facility. The credit replaces the company’s existing revolving credit facility, expands borrowing capacity to $200 million, and reduces borrowing costs. The credit agreement matures on September 30, 2019 and contains an accordion feature permitting the company to request additional borrowing capacity of up to $150 million plus an additional amount that would not cause the company to exceed a maximum consolidated net leverage ratio, subject to certain terms and conditions. Wells Fargo is acting as lead arranger and administrative agent for the financing.
“Our new credit facility strengthens our capital structure and provides increased flexibility going forward,” said Bryan Hill, CFO and Treasurer of RealPage. “Specifically, we have increased our borrowing capacity, incorporated more flexible terms, extended the maturity date, and reduced borrowing costs to reflect today’s historically attractive rates.”
“The new credit agreement provides additional capacity to execute our growth initiatives going forward,” said Steve Winn, Chairman and CEO of RealPage. “One of our key focuses continues to be delivering compelling long-term returns for our shareholders by efficiently allocating capital through our acquisition strategy and other alternatives.”
“This new credit facility underscores our longstanding commitment to support the growth initiatives and capital needs of our clients,” said John Leonard, senior managing director and division manager of Technology Finance at Wells Fargo Capital Finance.
RealPage, Inc. is a leading provider of comprehensive property management software solutions for the multifamily, commercial, single-family and vacation rental housing industries. These solutions help property owners increase efficiency, decrease expenses, enhance the resident experience and generate more revenue. Using its innovative SaaS platform, RealPage's on-demand software enables easy system integration and streamlines online property management. Its product line covers the full spectrum of property management solutions, including leasing, accounting, revenue management, marketing solutions, resident services, renter insurance, utility management, spend management and apartment market research. Founded in 1998 and headquartered in Carrollton, Texas, RealPage currently serves over 10,000 clients worldwide from offices in North America, Europe and Asia.