Is Amdocs Ltd. (NYSE: DOX) preparing for a major acquisition? The billing and customer relations management solutions developer notified the US Securities and Exchange Commission (SEC) that it has secured a $500 million five-year credit line from a syndicate headed by JPMorgan Chase Bank.
Amdocs said that it would use the credit for general corporate purposes, including acquisitions and share buybacks from time to time. The new credit line replaces the previous credit line from 2007. Amdocs currently has $1.17 billion in cash.
Amdocs also summoned a general shareholders meeting for February 2, 2012. In the summons, it said that the company paid $6.3 million to its accountant, Ernst & Young, in fiscal year 2011, the same amount as in fiscal year 2010.
Amdocs' share price fell 0.4% in New York on Friday to $28.25, giving a market cap of $4.93 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on December 25, 2011
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