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Fifth Third-Led Syndicate Closes $200MM Credit Facility for Fortegra Financial

August 12, 2020, 09:00 AM
Filed Under: Insurance
Related: Fifth Third Bank

Fortegra Financial Corporation ("Fortegra"), a leading specialty insurer and subsidiary of Tiptree Inc. ("Tiptree"), announced that it closed on a $200 million Senior Secured Credit Facility from a syndicate of banks led by Fifth Third Bank, N.A. 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," said Fortegra CFO Mike Grasher. "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—indicative of the banks’ trust in the company’s financial footing. This sizable line of credit, with a maturity date of August 2023, provides a significant level of financial stability, allowing Fortegra greater freedom in building shareholder value through domestic and international expansion.

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