RealPage, a leading global provider of software and data analytics to the real estate industry, announced it has entered into new credit facilities, which expands its borrowing capacity to $1.2 billion and reduces borrowing costs.
The credit facilities will mature on Sept. 5, 2024, and will also allow the company to request additional borrowing of up to $250 million, plus an extra amount that would not exceed a maximum consolidated net secured leverage ratio.
“Our new credit facilities provide the foundation for executing our long-term strategy,” Tom Ernst, CFO and treasurer of RealPage, said in a press release. “We have increased our borrowing capacity, incorporated more flexible terms, extended the maturity date and reduced borrowing costs.”
Wells Fargo is the lead arranger and administrative agent for the financing.
“Wells Fargo has supported RealPage’s successful execution on organic and inorganic growth opportunities for more than a decade,” explained Michael Ackad, head of technology finance at Wells Fargo Capital Finance. “We are dedicated to helping our clients succeed financially as they continuously evolve their business and transform the industry.”
Founded in 1998, Texas-based RealPage currently serves over 12,000 clients worldwide from offices in North America, Europe and Asia. Most recently, the company acquired the assets of Simple Bills Corporation, a utility management service dedicated to the student housing market. RealPage will add SimpleBills’ services to its current family of products. And since SimpleBills’ solution is platform-agnostic, RealPage can use it to serve clients in other markets such as multi-family, single-family, HOA and senior living.
“This is a thrilling opportunity for SimpleBills. We built our company to redefine how utilities are managed so properties and students could experience utilities the way they should be,” Colin Heller, CEO and founder of SimpleBills, said at the time. “With the unmatched support and development resources available at RealPage, we will be able to provide even more state-of-the-art simplicity and outstanding customer experiences in student and in entirely new markets.”