The refinancing provides i3 Verticals with increased liquidity and an accordion feature for future acquisitions. Monitor upcoming quarterly compliance certificates for the financial statements for the first full fiscal quarter after closing to see the actual leverage ratio and interest coverage, which will determine the applicable interest rate.
Price Chart
Executive Summary
i3 Verticals refinanced its existing credit facility by entering into a new $350 million senior secured revolving credit agreement with JPMorgan Chase and other lenders, maturing October 9, 2031. The new facility replaces the prior May 2023 credit agreement and provides increased liquidity with an accordion feature allowing up to an additional $100 million plus 100% of trailing Consolidated EBITDA. The credit agreement contains standard financial maintenance covenants including a maximum Consolidated Total Net Leverage Ratio of 4.00x and minimum Interest Coverage Ratio of 3.00x.
Key Financial Metrics
Key Facts
- i3 Verticals, LLC entered into a $350,000,000 senior secured revolving credit facility on October 9, 2026, maturing October 31, 2031.
- The facility replaces the prior May 8, 2023 credit agreement and is arranged by JPMorgan, U.S. Bank, and Wells Fargo, with Pinnacle Bank and KeyBank as co-documentation agents.
- Interest rates are based on Term SOFR or base rate plus an Applicable Rate ranging from 1.50% to 2.50% for Term Benchmark Loans depending on the Consolidated Total Net Leverage Ratio.
- The facility includes an accordion feature allowing incremental term loans or revolving commitments up to the greater of $100 million and 100% of trailing Consolidated EBITDA.
- Financial covenants: maximum Consolidated Total Net Leverage Ratio of 4.00:1.00 and minimum Consolidated Interest Coverage Ratio of 3.00:1.00.
- The obligations are secured by first-priority security interests in substantially all assets of the borrower, the parent company, and subsidiary guarantors.
- The credit agreement contains customary events of default including payment defaults, covenant breaches, cross-defaults, bankruptcy, and change of control.
Financial Impact
i3 Verticals refinanced its existing $350 million revolving credit facility with a new $350 million facility, with an accordion feature allowing up to $100 million plus 100% of trailing EBITDA. No financial statements or debt amounts were disclosed in the filing.
Risk Factors
- The credit agreement includes a maximum leverage ratio of 4.00x, which could restrict future acquisition capacity if EBITDA declines.
- The facility is secured by substantially all assets, increasing risk of asset-based borrowing base constraints if collateral values decline.
- The accordion feature is subject to additional conditions and lender commitments, which may not be available if market conditions deteriorate.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001728688-26-000048 |
| Document: i3jpm-arsecurityandpledgea.htm | 0001728688-26-000048 |
| Document: iiiv-20261009.htm | 0001728688-26-000048 |
| Document: 0001728688-26-000048-index-headers.html | 0001728688-26-000048 |
| Document: 0001728688-26-000048-index.html | 0001728688-26-000048 |
| Document: 0001728688-26-000048.txt | 0001728688-26-000048 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | SC 13G/A | $17.07 $16.94 | ▲ +0.76% | ▲ +1.29% | $17.08 (−0.06%) |
Oct 9, 2026 17d ago | 8-K | $16.20 $16.03 | ▼ −1.05% | ▼ −1.04% | $17.08 (+5.43%) |
Sep 30, 2026 25d ago | SC 13G | $14.46 $14.28 | ▼ −1.21% | ▼ −1.95% | $17.08 (+18.16%) |
Jun 2, 2026 20w ago | 8-K | $19.61 $19.86 | ▲ +1.27% | ▲ +0.88% | $17.08 (−12.90%) |
May 12, 2026 23w ago | 8-K | $18.89 $18.89 | · 0.00% | ▲ +0.00% | $17.08 (−9.58%) |
May 7, 2026 24w ago | 8-K | $21.14 $20.17 | ▼ −4.59% | ▼ −4.82% | $17.08 (−19.21%) |
US Market Status
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