FICO enters $600M credit agreement, draws $475M to refinance debt

FAIR ISAAC CORP

New $600M unsecured five-year revolving credit facility, replacing prior facility.
Borrowed $475M at closing to refinance existing debt; may also fund share repurchases and working capital.
Financial covenants: interest coverage ratio >= 3.00x, total leverage <= 3.50x (step-up to 4.00x post-acquisitions).
Interest margins: Eurodollar +100-175 bps, commitment fee 17.5-30 bps, based on total leverage ratio.

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