Verra Mobility, a provider of smart mobility technology solutions, extended and amended its existing 2020 credit agreement and issue new senior unsecured notes due 2029. Bank of America served as administrative agent and lender.
“We believe transitioning to a fixed and variable debt capital structure is timely and addresses our short-term capital needs and strengthens our balance sheet for the long-term. Our visibility into recurring revenue streams and strong cash flow generation potential effectively position us to service our debt and provide us the financial flexibility to invest for the future,” Tricia Chiodo, chief financial officer of Verra Mobility, said.
The timing of pricing and terms of the notes are subject to market conditions and other factors. Verra Mobility intends to use the net proceeds of the new $650 million seven-year term loan B and $350 million of new eight-year senior unsecured notes to repay the existing $866 million term loan B due 2025 and to fund the purchase price for the announced acquisition of Redflex.
