Liberty Tax Service Increases and Extends the Terms of Its Revolving Credit Facility
VIRGINIA BEACH, VA - (Marketwired - Oct 7, 2014) - Liberty Tax, Inc. (NASDAQ: TAX), parent company of Liberty Tax Service announced today that it has amended its revolving credit facility ("Facility") with its lenders to increase the Facility from $143 million to $204 million, to extend the maturity of the Facility, and to increase the maximum commitments of the Facility to $275 million (assuming the future use of an accordion feature).
"These amendments show the support of our lenders in providing credit to Liberty Tax Service and its subsidiaries, and demonstrate the market's continued confidence in our business," stated John Hewitt, CEO. "This increase and extension provide us with an additional source of capital which we can use to support our franchisees and grow our business."
About Liberty Tax, Inc.
Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc. (NASDAQ: TAX) is the parent company of Liberty Tax Service. Liberty Tax is the fastest-growing tax preparation franchise and has prepared almost 18 million individual income tax returns in more than 4,400 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of approximately 35,000 seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor for many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.
SOURCE: Liberty Tax, Inc.
Liberty Tax, Inc.
Vice President, Chief Financial Officer
Liberty Tax, Inc.
Chief Marketing Officer