Global Payments Inc announced the completion of a five-year, $350 million revolving credit facility agreement with a syndicate of financial institutions. The facility expires in November 2011 and has a variable interest rate based on a market short term floating rate plus a margin that varies according to Global's leverage position. In addition, the agreement allows the company to expand the facility size to $700 million by requesting additional commitments from existing or new lenders.

The agreement replaces Global's previous U.S. credit facility, which was set to expire later this month. The company's previous facility was a three-year, $350 million agreement, which was expandable to $500 million. Global plans to use the new credit facility to fund future strategic acquisitions, to provide a source of working capital and for general corporate purposes.

"Our new five-year credit facility is more flexible and has a larger expansion size than our previous lines of credit, providing us with a greater capability to complete strategic acquisitions in our industry and to invest in our existing channels. We have an outstanding group of bank partners that continue to support our company and our growth objectives," said Joseph C. Hyde, chief financial officer for Global Payments.