EVERTEC Closes On The Acquisition Of Sinqia, A Leading Provider Of Software Solutions For Financial Institutions In Brazil
The acquisition of Sinqia, S.A., a significant player in the Brazilian financial services software sector, by Evertec, Inc. (NYSE: EVTC) was successfully completed. With this calculated move, Evertec achieves a major milestone and establishes itself as the region's top full-service technology provider in Latin America, the Caribbean, and Puerto Rico.
Mac Schuessler, President and CEO of Evertec, expressed optimism about the united company's future. He underlined their goal of becoming an all-encompassing technology business committed to providing clients throughout the area with excellent goods and services. The purchase of Sinqia is consistent with Evertec's overarching objective of emerging as a major Fintech force in the LATAM area.
Evertec obtained debt finance commitments and, as of October 30, 2023, agreed into an amendment to its current credit arrangement dated December 1, 2022, in order to facilitate the acquisition. FirstBank Puerto Rico and Banco Popular de Puerto Rico committed an extra $60,000,000 in term loan A under this amendment. A fresh tranche of $600,000,000 in term loan B obligations was also extended by a syndicate of lenders and financial institutions. These loans have different interest rates; the new term loan B rates are determined by adding a certain percentage to the Secured Overnight Financing Rate, or SOFR.
Prominent companies such Seneca Evercore, Goldman Sachs, Truist Securities, and Evercore provided financial advising services to Evertec. Legal counsel for the deal was given by Mattos Filho and Latham & Watkins. Joint Lead Arrangers Citizens Bank, N.A., Fifth Third Bank, N.A., and Truist Securities, Inc. coordinated the debt financing arrangements.
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