NRC HEALTH (NRC): debt financing — National Research enters $140M credit facility ($30M revolver + $110M term loan); $62.4M drawn at closing

NRC HEALTH

New credit agreement dated Feb 6, 2025 amends and restates 2020 facility with First National Bank of Omaha.
Revolving credit facility of $30M; $3.5M outstanding at close; matures in 3 years.
Delayed draw term loan of $110M with accordion up to $25M; $62.4M drawn; matures in 5 years.
Interest at Term SOFR + 2.25% to 2.75% based on leverage; covenants: fixed charge coverage ≥1.10x, leverage ≤3.50x.
Facility secured by substantially all assets; restricts stock repurchases and acquisitions subject to exceptions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NRC HEALTH amended credit facility of $30,000,000 revolving credit facility and a $110,000,000 delayed draw-down term facility with First National Bank of Omaha as agent at Term SOFR plus a percentage per annum ranging from 2.25% to 2.75% maturing third anniversary of the Closing Date for Revolving Loan; fifth anniversary of the Closing Date for Delayed Draw Term Loan.

Instrument: credit facility
Principal: $30,000,000 revolving credit facility and a $110,000,000 delayed draw-down term facility
Counterparty: First National Bank of Omaha as agent
Rate: Term SOFR plus a percentage per annum ranging from 2.25% to 2.75%
Maturity: third anniversary of the Closing Date for Revolving Loan; fifth anniversary of the Closing Date for Delayed Draw Term Loan
Event: amendment

Exact text from the filing

association, as agent, that amends and restates the terms of the Company’s existing credit facility dated May 28, 2020, as amended. The Credit Agreement provides for (i) a $30,000,000 revolving credit facility (the “Revolving Loan”) and (ii) a $110,000,000 delayed draw-down term facility (“the “Delayed Draw Term Loan” and, together with the Revolving Loan, the

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Source: SEC EDGAR

accession 0001437749-25-003231

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