Verisk extends revolver, ups size to $700 million, lowers pricing

By Angela McDaniels

Tacoma, Wash., Oct. 26 - Verisk Analytics, Inc. and subsidiary Insurance Services Office, Inc. amended and restated their revolving credit facility on Tuesday, increasing the size to $700 million from $600 million and extending the maturity date to Oct. 24, 2016 from Sept. 10, 2014.

The interest rate was decreased to Libor plus 125 basis points to 187.5 bps, depending on the company's consolidated funded debt leverage ratio. The commitment fee is now 17.5 bps to 30 bps.

The initial pricing is Libor plus 150 bps with a 22.5 bps commitment fee.

The amended and restated revolver's covenants cap the company's consolidated funded debt leverage ratio at 3.25 times and require it to maintain a minimum consolidated interest coverage ratio of 3.0 times.

All borrowings under the revolver continue to be unsecured.

Bank of America Merrill Lynch and J.P. Morgan Securities LLC are the lead arrangers and bookrunners. Bank of America, NA is the administrative agent, JPMorgan Chase Bank, NA is the syndication agent, and Morgan Stanley Bank, NA and Wells Fargo Bank, NA are the documentation agents.

Jersey City-based Verisk provides proprietary data and analytics methods to the insurance, mortgage and health-care industries.

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