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Subsequent Event
12 Months Ended
Dec. 31, 2016
Subsequents Events  
Subsequent Events [Text Block]

(23) Subsequent Events

 

On January 3, 2017, the Company entered into the Fourth Amendment to its Credit Agreement. Pursuant to the Fourth Amendment, the total commitments of the lenders under the revolving credit facility that are provided by the Credit Agreement were increased from $375.0 million to $600.0 million. Following the increase in the amount of the total commitments, as described above, the accordion provision under the Credit Agreement to increase the lenders’ commitments was removed. The borrowers, lenders, and guarantors under the newly amended Credit Agreement did not change. Similarly, the representations, warranties, and covenants and the interest rates applicable to the borrowings did not change. Additional borrowings under the Credit Agreement were used to fund the majority of the purchase consideration for the DCPayments acquisition, discussed below.

 

On January 6, 2017, the Company completed the acquisition of DCPayments. In connection with the closing of the acquisition, each DCPayments common share was acquired for Canadian Dollars $19.00 in cash per common share, and the Company also repaid the outstanding third party indebtedness of DCPayments, the combined aggregate of which represented a total transaction value of approximately $464 million, net of estimated cash acquired and excluding transaction-related costs. The Company used cash on hand and borrowings under the Credit Agreement, as discussed above, to fund the acquisition. DCPayments has its primary operations in Australia, New Zealand, Canada, the U.K., and Mexico and adds approximately 25,000 ATMs to the Company’s global ATM count.

 

On January 31, 2017, the Company completed the acquisition of Spark ATM Systems (“Spark”), an independent ATM deployer in South Africa, with a growing network of approximately 2,600 ATMs. The agreed purchase consideration included initial cash consideration, paid at closing, and potential additional contingent consideration of up to approximately 805 million South African Rand (approximately $56 million). The additional purchase consideration is contingent upon Spark achieving certain agreed upon earnings targets in 2019 and 2020.