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Get filing alertsi3 Verticals replaces credit agreement with new $350M JPMorgan revolving facility
Filed October 9, 2026 · Period ending October 9, 2026 · ~1 min read
Key Changes
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high
Entered into an amended and restated credit agreement on October 9, 2026, replacing the prior May 8, 2023 agreement.
Item 2.03 verify on EDGAR → -
high
New facility provides $350 million in senior secured revolving commitments.
Item 2.03 verify on EDGAR → -
high
Quarterly financial covenants: interest coverage ratio of at least 3.00x and total net leverage ratio of no more than 4.00x.
Item 2.03 verify on EDGAR → -
medium
Interest margins and fees vary with leverage; at ≤2.00x leverage, Term SOFR loans carry a 1.50% margin and commitment fee is 0.125%.
Item 2.03 verify on EDGAR → -
medium
Obligations are guaranteed by the company and material wholly owned domestic subsidiaries, secured by first-priority liens on substantially all assets.
Item 2.03 verify on EDGAR →
Summary
i3 Verticals, Inc. has replaced its existing credit agreement with a new $350 million senior secured revolving credit facility arranged by JPMorgan. The amended and restated agreement, dated October 9, 2026, supersedes the company's prior May 8, 2023 credit agreement.
The new facility provides revolving commitments of $350 million and is guaranteed by the parent company and its material wholly owned domestic subsidiaries, secured by first-priority liens on substantially all of their assets.
The agreement imposes quarterly financial maintenance covenants requiring the company to maintain a consolidated interest coverage ratio of at least 3.00 to 1.00 and a consolidated total net leverage ratio of no more than 4.00 to 1.00. Interest margins and fees are tied to the company's leverage ratio, with Term SOFR loan margins ranging from 1.50% at the lowest leverage tier to 2.50% at the highest, and commitment fees ranging from 0.125% to 0.275%. Proceeds from the facility may be used for working capital, capital expenditures, and other lawful corporate purposes. For retail investors, this refinancing provides clarity on the company's borrowing capacity and the financial covenants it must meet going forward. The new facility replaces the prior agreement and maintains a similar structure, with pricing that adjusts based on leverage. The filing does not disclose any specific acquisition or one-time use of proceeds, suggesting the facility is intended for general corporate purposes.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
i3 Verticals entered into a material definitive agreement, but the filing text is incomplete.
Added in current filing · verify on EDGAR →
Item 1.01. Entry into a Material Definitive Agreement.
The filing discloses entry into a material definitive agreement under Item 1.01, but the body text is truncated and does not provide details of the agreement.
Event · Item 2.03 — Creation of a Direct Financial Obligation
i3 Verticals replaced its 2023 credit agreement with a new $350M revolving facility from JPMorgan.
Added in current filing · verify on EDGAR →
The Amended and Restated Credit Agreement provides for aggregate commitments of $350 million in the form of a senior secured revolving credit facility (the “Revolver”).
The company entered into an amended and restated credit agreement on October 9, 2026, replacing its prior May 8, 2023 credit agreement. The new facility provides $350 million in revolving commitments.
Added in current filing · view on EDGAR →
> 3.00 to 1.0 0.275 % 2.50 % 2.50 % 1.50 %
> 2.50 to 1.0 but ≤ 3.00 to 1.0 0.225 % 2.00 % 2.00 % 1.00 %
> 2.00 to 1.0 but ≤ 2.50 to 1.0 0.175 % 1.75 % 1.75 % 0.75 %
≤ 2.00 to 1.0 0.125 % 1.50 % 1.50 % 0.50 %
Interest margins and fees vary with the company's consolidated total net leverage ratio. At the lowest leverage tier (≤2.00x), Term SOFR loans carry a 1.50% margin and the commitment fee is 0.125%; at the highest tier (>3.00x), the margin rises to 2.50% and the fee to 0.275%.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The proceeds of the Revolver, together with proceeds from any additional amounts under the additional term loan facilities or additional revolving credit commitments, may be used by the Borrower to finance working capital, capital expenditures and other lawful corporate purposes.
The revolving facility can be used for working capital, capital expenditures, and other lawful corporate purposes. The filing does not disclose a specific acquisition or other one-time use.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 12, 2026 · How we verify