CCC Intelligent Solutions, a wholly-owned subsidiary of CCC Intelligent Solutions Holdings, a software-as-a-service platform for the property and casualty insurance economy, completed the refinancing of its existing secured credit facility with a new credit agreement comprised of an $800 million senior secured term loan facility and a $250 million senior secured revolving credit facility.

“Our new secured credit facility further strengthens our balance sheet and provides additional flexibility to execute on our strategic growth initiatives,” Brian Herb, chief financial and administrative officer of CCC Intelligent Solutions, said. “Together with the proceeds from our recent transaction taking us public, we have decreased our net leverage by more than 50% and reduced our projected cash interest payments by approximately $20 million annually. We believe our strengthened balance sheet and ongoing investments can help deliver meaningful value for our customers and shareholders.”

The term loan bears interest at a rate of LIBOR (subject to a 0.5% floor) plus initially 2.5% per annum or ABR plus initially 1.5% (in each case, with a 0.25% leverage-based step-down tied to achieving a first lien net leverage ratio of 2.5x) and matures on Sept. 21, 2028. The revolving facility bears interest at a rate of LIBOR for dollar denominated borrowings (subject to a 0% floor) plus initially 2.5% or ABR plus initially 1.5% (in each case, with two 0.25% leverage-based step-downs tied to achieving a first lien net leverage ratio of 2.5x and 2x, respectively) and matures on Sept. 21, 2026. CCC Intelligent Solutions used the proceeds from the facilities, together with cash on hand, to refinance all of the term loans and revolving credit facility amounts outstanding under the existing credit facility and to pay fees and expenses of the transaction, including termination of the company’s interest rate swap agreements.

Bank of America, JPMorgan Chase Bank, Goldman Sachs, Citigroup, Barclays, Credit Suisse, Jefferies Finance and Morgan Stanley acted as joint lead arrangers and joint bookrunners for the credit facility.