SAN JUAN, Puerto Rico--(BUSINESS WIRE)--
EVERTEC, Inc. (NYSE: EVTC) (“EVERTEC” or the “Company”) today announced
that its main operating subsidiary, Evertec Group, LLC (“Evertec Group”
or the “Borrower”), together with certain other subsidiaries of the
Company, has entered into an amendment and waiver of its existing credit
facility to extend certain financial reporting deadlines.
Under the terms of the credit facility, the Company’s timely filing of
periodic reports on Forms 10-K and 10-Q satisfies the Borrower’s
financial reporting obligations. Pursuant to the amendment, the deadline
for filing the Company's 2015 Annual Report on Form 10-K (the “Form
10-K”) has been extended to September 15, 2016.
In addition, subject to certain conditions, the deadline for filing the
Company’s Quarterly Reports on Form 10-Q for the quarters ending March
31, 2016 (the “First Quarter 10-Q”) and June 30, 2016 (the “Second
Quarter 10-Q” and, together with the First Quarter 10-Q, the “Form
10-Qs”) has also been extended to September 15, 2016. If the Company
files its Form 10-K prior to that date, the Form 10-Qs must be filed on
the later of their regular due dates provided in the credit facility
(May 15, 2016 and August 14, 2016, respectively) or the date that the
Form 10-K is actually filed. The amendment correspondingly modified the
date that various certificates relating to the financial statements must
be provided to the lenders and the content of such certificates.
The amendment also provides for an increase in the interest rate
applicable to the loans under the credit facility by 50 basis points in
the event that the Form 10-K and the First Quarter 10-Q are not filed by
May 30, 2016. The applicable interest rates will increase by an
additional 25 basis points if such reports are not filed by July 15,
2016. Furthermore, until such reports are delivered to the Agent, no
payments can be made by the Borrower to the Company to fund any
repurchases of the Company’s common stock or to fund any payment of
dividends by the Company, other than quarterly dividends on the
outstanding common stock of the Company in an amount not to exceed $0.10
per share. The Borrower paid each lender that consented to the amendment
a fee equal to 0.50% of the aggregate principal amount of outstanding
term loans and revolving commitments held by such lender.
The Company is working diligently to file the Form 10-K and the Form
10-Qs as soon as reasonably practicable.
About EVERTEC
EVERTEC, Inc. (NYSE: EVTC) is a leading full-service transaction
processing business in Latin America, providing a broad range of
merchant acquiring, payment processing and business solutions services.
The Company manages a system of electronic payment networks that process
more than two billion transactions annually, and offers a comprehensive
suite of services for core bank processing, cash processing and
technology outsourcing. In addition, EVERTEC owns and operates the ATH®
network, one of the leading personal identification number (“PIN”) debit
networks in Latin America. Based in Puerto Rico, the Company operates in
19 Latin American countries and serves a diversified customer base of
leading financial institutions, merchants, corporations and government
agencies with “mission-critical” technology solutions. For more
information, visit www.evertecinc.com.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking
statements” within the meaning of, and subject to the protection of, the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties, and other
factors that may cause the actual results, performance or achievements
of EVERTEC to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Statements preceded by, followed by, or that otherwise
include the words “believes,” “expects,” “anticipates,” “intends,”
“projects,” “estimates,” and “plans” and similar expressions of future
or conditional verbs such as “will,” “should,” “would,” “may,” and
“could” are generally forward-looking in nature and not historical
facts. Any statements that refer to expectations or other
characterizations of future events, circumstances or results are
forward-looking statements.
Particular risks and uncertainties include, among others, the failure of
the Company to file the financial statements described above in a timely
manner and the potential resolution of previously disclosed tax and
accounting matters relating to certain 2010 expenditures in a manner
that adversely affects the Company’s financial results. Consideration
should also be given to the risks set forth under the headings
“Forward-Looking Statements” and “Risk Factors” in the reports the
Company files with the SEC from time to time, in connection with
considering any forward-looking statements that may be made by the
Company and its businesses generally. We undertake no obligation to
release publicly any revisions to any forward-looking statements, to
report events or to report the occurrence of unanticipated events unless
we are required to do so by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160414006610/en/
Investor Contact
EVERTEC, Inc.
Kay Sharpton,
787-773-5442
IR@evertecinc.com
Source: EVERTEC, Inc.