EverCommerce (EVCM) said Monday it has refinanced its $533.5 million term loan, lowering the fixed interest rate to the secured overnight financing rate, or SOFR, plus 2.50% from SOFR plus 3.00%.

The refinancing also removed the credit spread adjustment, resulting in an annualized interest cost savings of about $3.3 million on the outstanding principal amount as of Sept. 30, the company said.

EverCommerce shares were 0.8% higher in recent trading.

Price: 12.30, Change: +0.10, Percent Change: +0.82