Health Plan Intermediaries Holdings entered into an expanded revolving credit facility with SunTrust Bank, providing access to up to $30 million of capital to the company and its subsidiaries to be used for general corporate purposes, including working capital needs, capital expenditures and permitted acquisitions. Under the agreement, the company has the right to establish one or more additional term loans by up to an additional $20 million, subject to terms contained in the agreement.
“We are pleased to continue our successful relationship with SunTrust, and we value their confidence in our business,” said HIIQ CFO Michael Hershberger. “This expanded credit facility strengthens our access to capital and provides us flexibility to continue to execute our strategic vision and build on our record of innovation and success.”
Health Insurance Innovations, the company’s parent, is a developer, distributor and cloud-based administrator of health insurance and supplemental plans.