Online Resources Modify and Extend Senior Secured Debt



CHANTILLY, Virginia – (COMMERCIAL THREAD) – Online Resources Corporation (NASDAQ: ORCC), a leading provider of online financial services, today announced that effective September 29, 2011, it has amended and extended its premier secured credit facilities. rank until February 21, 2013. The Company has requested this extension. to support the continued execution of its strategic growth plan.

As a result of a prepayment of $ 3 million in conjunction with the amendment and a scheduled payment of $ 1.5 million, the Company’s term loan balance is now $ 22.3 million. . The extended facilities also include a $ 12 million revolving credit facility which has not yet been drawn. Both facilities carry a LIBOR rate plus 275 to 325 basis points, depending on leverage.

The Company’s senior secured credit facilities are provided by a syndicate of banks comprising an administrative agent, Bank of America, a syndication agent, Silicon Valley Bank, SunTrust Bank and Capital One.

“By extending the maturity date of our senior debt, we expect to gain flexibility while continuing to invest in the company,” said Catherine A. Graham, executive vice president and chief financial officer of Online Resources. “In line with the strategic growth plan we presented earlier this year, we are making progress in strengthening our sales, product management and marketing functions and in building our development center in India. This change in our debt structure allows us to pursue these initiatives while maintaining healthy cash flow. ”

About online resources

Online resources (NASDAQ: ORCC) fuel the financial interactions between millions of consumers and the financial institution and billing customers of the company. Backed by its proprietary real-time payment gateway that directly connects banks to billers, the Company provides web and telephone financial services, electronic payments and marketing services to drive consumer adoption. Founded in 1989, Online Resources is the largest financial technology provider dedicated to the online channel. For more information, visit www.orcc.com.

This press release provided by Online Resources Corporation (as well as other written and oral statements made by the Company from time to time) contains forward-looking statements which are based on the current expectations and beliefs of our management, and on a number of assumptions regarding future events which have been made using only information currently available. The words “will”, “would”, “could”, “could”, “should”, “estimate”, “plan”, “foresee”, “intend”, “expect”, “believe” “,” target “,” designed “,” plan “and similar phrases are intended to identify forward-looking statements. Readers are strongly cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of results or performance and are subject to a number of known and unknown risks, uncertainties and other factors (including including those outside of Online Resource Control) which could cause a significant and unfavorable difference between the performance or actual results and the results or performance expressed or implied by these forward-looking statements. Some factors that can cause such a difference include, but are not limited to: our loss history and anticipation of future losses; potential fluctuations in our operating results; our reliance on third party marketing efforts and technology; the potential loss of one or more important customers; our potential need for additional capital; our potential inability to prevent system failures and security breaches; our potential inability to expand our services and related products in the event of a substantial increase in demand for such services and products; competition in our markets; our ability to attract and retain qualified personnel; our dependence on patents and other intellectual property; potential change in the rate of adoption of the products and services we offer by users; our exposure to further consolidation in the financial services industry; and government regulations affecting our business and our customers. For a more detailed description of the factors that could cause such a difference in our results, please refer to the documents filed by Online Resources with the Securities and Exchange Commission, including (but not limited to) our annual report on Form 10-K filed with the SEC on March 15, 2011 and information under the heading “Risk Factors” contained in our quarterly report on Form 10-Q / A filed with the SEC on August 10, 2011. Online Resources Corporation no. ‘assumes no obligation to update or supplement these forward-looking statements.


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