According to an 8K filed with the SEC, Bank of America is serving as administrative agent and collateral agent for a refinancing of Verra Mobility’s 2018 credit agreement. The refinancing provides for a new $650 million first lien term loan bearing a rate of LIBOR plus 3.25%. The term loan will mature in 2028. In addition to the refinancing, Verra Mobility completed an offering of 5.5% $350 million senior unsecured notes due 2029.
Verra Mobility used the net proceeds from the offering, together with the proceeds of term loans incurred pursuant to an amendment and restatement agreement, to amend its first lien term credit agreement dated March 2018 and refinance all of its outstanding term loans, together with all accrued and unpaid interest, incurred pursuant to the 2018 credit agreement and intends to use the remainder of the net proceeds, together with cash on hand, to fund the purchase price for the previously announced acquisition of Redflex Holdings Limited, pay fees and expenses in connection with the refinancing and offering, and for general corporate purposes.
Verra Mobility is a provider of smart mobility technology solutions.
