Ebix Signs Agreement with Lenders Regarding Credit Facility

JOHNS CREEK, Ga., Oct. 02, 2023 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare, and e-learning industries, announced that it has signed an agreement with its Lenders, providing for a further period until November 15, 2023 for repayment of certain obligations under its Credit Facility, subject to certain conditions, while the Company pursues strategic alternatives.

The Agreement mandates that by October 31, 2023 the Company and the requisite Lenders will agree on the terms of either a further amendment to the Credit Agreement or an alternative transaction for repayment of the obligations, and the Company will deliver a carve-out plan in connection with the sale of certain US assets or a combination of certain US asset sales through an outbound process.   

Ebix also announced that on September 29, 2023, the Ebix’s board of directors (the “Board”) amended the Bylaws of the Company to expand the size of the Board by two, and appointed Elizabeth LaPuma and Jill Krueger as independent directors to fill the vacancies created. Ms. LaPuma and Ms. Krueger will also serve on the strategic investment committee of the Board.

A Certified Public Accountant and a Certified Management Accountant, Ms. Krueger is the President and Chief Executive Officer of Symbria, Inc. She has a rich experience in corporate governance having served as a Director on two publicly-traded boards, six privately-held for-profit or limited liability company (LLC) boards, and three nonprofit boards. She currently serves on the Board of Sonida Senior Living (NYSE: SNDA) and iMedia Brands, Inc., a global interactive media company.

Ms. LaPuma brings over two decades of financial advisory and board expertise across diverse industries. With a strong background in originating and structuring complex financial transactions, she is a trusted advisor to numerous business leaders. Ms. LaPuma is a board member for other businesses within the fintech, artificial intelligence, healthcare, consumer, and real estate sectors. Prior to these roles, Ms. LaPuma was a Managing Director and Head of Balance Sheet Advisory at UBS. Prior to UBS, she was a Managing Director and head of Asset Management Services at Alvarez & Marsal, advising governments and financial institutions on diverse assets. Ms. LaPuma’s earlier career includes roles at BlackRock, Lazard Frères & Co. LLC, Credit Suisse and Perella Weinberg Partners L.P.