Crawford amends, getting $50 million additional term loan borrowings

By Sara Rosenberg

New York, Dec. 22 - Crawford & Co. amended its credit facility, obtaining an incremental $50 million term loan under the accordion feature, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Proceeds from the term loan will be used to make special contributions totaling $50 million through January 2011 to the company's frozen U.S. defined benefit pension plan.

In addition, the amendment increased the minimum leverage ratio.

The amendment was completed on Dec. 17.

SunTrust is the administrative agent on the deal.

Crawford is an Atlanta-based provider of claims management services to the risk management and insurance industry as well as self-insured entities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.