Wells Fargo, BofA Lead Facility Amendment for Crawford
Crawford & Company announced an amended five-year, $400 million revolver with a syndicate of banks led by Wells Fargo Securities and Bank of America Merrill Lynch as joint lead arrangers and joint lead bookrunners. Other banks participating in the credit facility include RBS Citizens as Documentation Agent, Northern Trust, HSBC Bank USA, Royal Bank of Canada, Fifth Third Bank and SunTrust Bank.
The amended facility, which matures in November 2018, includes a $75 million increase to the original $325 million available under the revolver.
“We are very pleased to amend our revolving credit facility. The amendment provides us with additional flexibility to pursue our long-term strategic plans,” said Jeffrey T. Bowman, Crawford president and CEO. “The amendment also reduces our borrowing costs, extends the maturity of our credit facility to five years and significantly improves our access to capital due to its increased size. We believe this agreement is a reflection of our solid operational performance and is an important step for our company. We also appreciate the support of our strong lender group, most of whom we have maintained close relationships with for many years.”
Atlanta-based Crawford & Company is one of the world’s largest independent providers of claims management solutions to the risk management and insurance industry as well as self-insured entities.