Fortegra Financial, a specialty insurer and subsidiary of Tiptree, closed on a $200 million senior secured credit facility from a syndicate of banks led by Fifth Third Bank. The entire amount is immediately available for letters of credit, with any remaining portion of the facility available for working capital.
“The facility, by combining working capital needs as well as access to letters of credit, affords Fortegra tremendous flexibility in meeting the company’s growth initiatives over the next several years,” Mike Grasher, CFO of Fortegra, said. “We are grateful to the syndicate of banks who participated in the transaction and to Fifth Third Bank, who worked as lead arranger on the deal.”
Fortegra was offered an oversubscribed deal — a greater sum of credit than initially requested. This line of credit has a maturity date of August 2023.
