Crawford $310 million credit facility to launch Thursday

By Sara Rosenberg

New York, Sept. 18 - Crawford & Co. is scheduled to hold a bank meeting on Thursday to launch its proposed $310 million credit facility, according to a market source.

SunTrust is the lead bank on the deal.

The facility consists of a $50 million revolver, a $235 million term loan B and a $25 million synthetic letter-of-credit facility, with all tranches talked at Libor plus 225 basis points, the source said.

Proceeds will be used to fund the acquisition of Broadspire Services, a Plantation, Fla., third-party administrator offering a comprehensive integrated platform of casualty claim and medical management services, from Platinum Equity.

Crawford is an Atlanta-based provider of claims management services to insurance companies and self-insured entities.

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