EverCommerce amends credit agreement, refinances $529.4 million term loan

EverCommerce Inc. (NASDAQ:EVCM), a software solutions provider with a market capitalization of $2.04 billion, announced Wednesday that certain of its subsidiaries entered into an amendment to its existing credit agreement, according to a statement based on a Securities and Exchange Commission filing. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 2.29, indicating healthy ability to meet short-term obligations.

On Tuesday, the company refinanced its existing $529.4 million term loan facility in full, replacing it with a new class of Term B-2 Loans totaling $529.4 million. This refinancing represents a significant portion of the company’s total debt position of $545.85 million. The maturity date for the new Term B-2 Loans was extended to July 6, 2031. The applicable margin on all term loans was reduced by 25 basis points. The Term B-2 Loans bear interest, at the borrower’s election, at either Term SOFR plus a 2.25% margin (with a minimum Term SOFR rate of 0.50%) or an Alternate Base Rate plus a 1.25% margin (with a minimum Alternate Base Rate of 1.50%). The loans were issued at par, and proceeds were used to refinance the previous term loans under the credit agreement.

The amendment also affected the company’s revolving credit facility. For $125 million of commitments under the existing $155 million revolver, the maturity date was extended to July 29, 2030. The applicable margin for Term SOFR loans under the revolver was reduced to 2.00%, and for Alternate Base Rate loans to 1.00%. Both are subject to a potential 25 basis point step-up based on the company’s first lien net leverage ratio. Other terms and conditions of the revolver remain unchanged.

The amendment was made among EverCommerce Intermediate Inc., EverCommerce Solutions Inc., Royal Bank of Canada as administrative agent and collateral agent, and other lenders.

This information is based on a press release statement contained in a filing with the Securities and Exchange Commission. While the company is currently not profitable over the last twelve months, InvestingPro data suggests EverCommerce is expected to achieve profitability this year. For deeper insights into EverCommerce’s financial health and detailed metrics, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

In other recent news, EverCommerce Inc. reported its first-quarter 2025 financial results, surpassing market expectations. The company achieved an adjusted EBITDA of $44.9 million, exceeding the consensus estimate of $40.3 million, with a 31.6% adjusted EBITDA margin. Pro forma revenue for the quarter reached $142.3 million, slightly above the forecasted $139.5 million, representing a 7% year-over-year increase. Both Citizens JMP and Oppenheimer analysts maintained their positive outlooks on EverCommerce, with price targets of $15.00 and $12.00, respectively, following the strong financial performance.

In corporate governance developments, EverCommerce shareholders elected Penny Baldwin-Leonard and Eric Remer as Class I directors at the annual meeting. Additionally, the company appointed Amy Guggenheim Shenkan to its Board of Directors as a Class II director, where she will also serve on the Audit Committee. Shenkan’s compensation includes an annual retainer and an initial equity award of restricted stock units. Despite the positive earnings report, no upward revision of future guidance was announced.

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