Company: EVCM
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001853145-25-000017
Chunk: 103

Company: EverCommerce Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 103
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 (Liability) Fair Value atDateDateRateAmountMarch 31, 2025(in thousands)(in thousands)October 31, 2022October 31, 20274.212 %$200,000 $(2,645)March 31, 2023October 31, 20273.951 %100,000 (641)September 20, 2024October 31, 20273.395 %125,000 926 

The Revolver has a variable commitment fee, which is based on our first lien leverage ratio. We expect the commitment fee to range from 0.25% to 0.375% per annum. We are obligated to pay a fixed fronting fee for letters of credit of 0.125% per annum. 

Amounts borrowed under the Revolver may be repaid and re-borrowed through maturity of the Revolver in July 2026. The Term Loan matures in July 2028. The Term Loan may be repaid or prepaid but may not be re-borrowed. 

As of March 31, 2025, there was $530.8 million outstanding under our Credit Facilities, all of which was related to the Term Loan as no amounts were outstanding under the Revolver. The effective interest rate on the Term Loan was approximately 7.17% for the three months ended March 31, 2025, excluding the effect of any interest rate swap agreements.

As of March 31, 2025, we were in compliance with the covenants under the Credit Facilities.

Stock Repurchase Program

On June 14, 2022, our Board of Directors approved the stock repurchase program (as subsequently amended, the “Repurchase Program”) with authorization to purchase up to $50.0 million in shares of the Company’s common stock through the expiration of the program on December 21, 2022. On November 7, 2022, November 5, 2023, May 21, 2024, and May 1, 2025 our Board increased the authorization of the Repurchase Program by an additional $50.0 million in shares of the Company’s common stock on each date for a total authorization to repurchase up to $250.0 million in shares of the Company’s common stock, and extended the expiration of the Repurchase Program most recently through December 31, 2026. Repurchases under the program may be made