Evertec Closes On The Acquisition Of Sinqia, A Leading Provider Of Software Solutions For Financial Institutions In Brazil

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Evertec, Inc. (NYSE: EVTC), a key leader in the Brazilian financial services software sector, was able to successfully complete its acquisition of Sinqia, S.A. Evertec has reached a key new milestone thanks to this forward-thinking strategic initiative, which positions the company as the preeminent provider of comprehensive technology services throughout Latin America, Puerto Rico, and the Caribbean.

Mac Schuessler, President and Chief Executive Officer of Evertec, expressed excitement about the prospects for the united entity. He stressed their objective of establishing an all-encompassing technology company dedicated to offering high-quality products and services to customers located around the region. Evertec's larger objective is to become a prominent Fintech player in the LATAM area, and the acquisition of Sinqia helps the company move closer toward achieving this aim.

Evertec was able to receive debt finance commitments, which made it possible for the transaction to go forward. On October 30, 2023, the company also engaged into an update to the credit arrangement that had been in place since December 1, 2022. ...
... As a result of this adjustment, Banco Popular de Puerto Rico and FirstBank Puerto Rico made new commitments for term loans A amounting to a combined total of sixty million dollars. In addition, a consortium of financial institutions and other lenders issued a new tranche of commitments for a term loan B in the amount of $600,000,000. The interest rates on these loans are variable, with the rates for the new term loan B being determined by adding a predetermined percentage to the SOFR (Secured Overnight Financing Rate).

Evertec was provided with financial consulting services by several of the industry's most reputable companies, including Evercore, Seneca Evercore, Goldman Sachs, and Truist Securities. Latham & Watkins and Mattos Filho were the law firms who contributed their expertise to the transaction by providing legal advice. Joint Lead Arrangers were responsible for facilitating the debt financing arrangements. These Joint Lead Arrangers included Truist Securities, Inc., Citizens Bank, N.A., and Fifth Third Bank, N.A.

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