Wells Fargo, Synovus Arrange $125 Million for Fortegra
Fortegra Financial Corporation announced that it has entered into a new $125 million senior secured credit facility, which replaces the company’s existing $85 million facility that was scheduled to expire in June 2013.
The new facility consists of a $75 million five-year revolving credit facility and a $50 million five-year term loan, while also maintaining an accordion feature of $50 million. Wells Fargo serves as administrative agent, sole bookrunner and joint lead arranger with Synovus Bank acting as joint lead arranger and syndication agent for the new credit facility.
Richard Kahlbaugh, chairman and CEO, said, “Our new bank facility will provide Fortegra with enhanced financial flexibility while also reducing our interest expense. I believe, with this facility, Fortegra is well positioned to support the growth of our insurance services businesses and take advantage of future growth opportunities.”
Fortegra Financial Corporation is an insurance services company that provides distribution and administration services and insurance-related products to insurance companies, insurance brokers and agents and other financial services companies in the United States.