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Wells Fargo, BofA Merrill Lynch Lead $400MM Revolver for Crawford & Co.

November 26, 2013, 01:02 PM
Filed Under: Insurance

Crawford & Company announced the execution of an amended five-year, $400 million senior secured revolving credit facility with a syndicate of banks led by Wells Fargo Securities, LLC, and Bank of America Merrill Lynch as joint lead arrangers and joint lead bookrunners.

Other banks participating in the credit facility include RBS Citizens as Documentation Agent, Northern Trust, HSBC Bank USA, Royal Bank of Canada, Fifth Third Bank and SunTrust Bank.

The amended facility, which matures in November 2018, provides significant credit enhancements to Crawford, including a $75 million increase to the original $325 million available under the revolving credit facility.

"We are very pleased to amend our revolving credit facility. The amendment provides us with additional flexibility to pursue our long-term strategic plans," said Crawford president and chief executive officer Jeffrey T. Bowman. "The amendment also reduces our borrowing costs, extends the maturity of our credit facility to five years and significantly improves our access to capital due to its increased size."

"We believe this agreement is a reflection of our solid operational performance and is an important step for our company. We also appreciate the support of our strong lender group, most of whom we have maintained close relationships with for many years," Bowman added.

Based in Atlanta, Ga., Crawford & Company is the world's largest independent provider of claims management solutions to the risk management and insurance industry as well as self-insured entities, with an expansive global network serving clients in more than 70 countries.

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