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Wells Fargo, Others Lead $450MM Credit Facility to Crawford & Company

October 13, 2017, 07:42 AM
Filed Under: Insurance

Crawford & Company®, an independent provider of claims management solutions to insurance companies and self-insured entities, announced the execution of a new five-year, $450 million senior secured revolving credit facility with a syndicate of banks led by Wells Fargo Bank, National Association; Bank of America, N.A and Citizens Bank, N.A.

The new facility, which matures in November 2022, replaces an existing $400 million revolving credit facility.

"We are pleased to enter into this new revolving credit facility, which provides us with increased borrowing capacity and the financial flexibility to support our global strategic goals," said Harsha V. Agadi, president and chief executive officer of Crawford & Company.  "Additionally, we will benefit from reduced borrowing costs, an extension of the credit facility maturity to 2022 and improved access to capital.  We appreciate the continued support of our lender group, who we have partnered with for some time."

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