ProSight Global, Inc. announced that it has closed a $65 million revolving credit facility. This announcement follows ProSight's June 16 announcement of a $165 million delayed draw term loan to refinance $165 million of existing indebtedness maturing in November 2020.
"We are pleased to have finalized this upsized revolver. This agreement builds upon our previously announced delayed draw term loan, and provides additional flexibility to support our growth," said ProSight CEO and President Larry Hannon.
The joint lead arrangers of the revolving credit facility are SunTrust Robinson Humphrey, Citizens Bank, N.A., Regions Capital Markets, and KeyBank N.A.
The $65 million revolving credit facility has a three-year maturity and includes available interest rates linked to customary base rates and to LIBOR, and if drawn upon today would bear interest at LIBOR +300bps subject to a 75bp LIBOR floor based on ProSight's current debt to capitalization ratio.
The revolving credit facility contains customary representations, warranties, and covenants.