As previously reported, SunTrust Robinson Humphrey and Citizens Bank served as joint lead arrangers on a $165 million delayed draw term loan for ProSight Global to refinance $165 million of existing indebtedness maturing in November 2020.
“We are pleased to have finalized this upsized revolver. This agreement builds upon our previously announced delayed draw term loan and provides additional flexibility to support our growth,” Larry Hannon, CEO and president of ProSight, said.
The $65 million revolving credit facility has a three-year maturity and includes available interest rates linked to customary base rates and to LIBOR, and if drawn upon today would bear interest at LIBOR plus 300bps subject to a 75bp LIBOR floor based on ProSight’s current debt to capitalization ratio. The revolving credit facility contains customary representations, warranties and covenants.
ProSight is a property and casualty insurance company.