Crawford completes $325 million revolver at Libor plus 225 bps

By Sara Rosenberg

New York, Dec. 12 - Crawford & Co. closed on a new $325 million five-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Pricing on the revolver ranges from Libor plus 175 basis points to 250 bps, and the commitment fee ranges from 25 bps to 40 bps, based on leverage. Initial pricing is Libor plus 225 bps with a 35 bps unused fee.

Wells Fargo Securities LLC and Bank of America Merrill Lynch acted as the joint lead arrangers and bookrunners on the deal that was completed on Dec. 8, with Wells Fargo the administrative agent.

Covenants include a maximum leverage ratio and a minimum fixed charge coverage ratio.

There is a $100 million accordion feature.

At close, there was about $237 million drawn under the revolver to repay existing loan borrowings. The facility is also available for working capital and general corporate purposes.

Crawford is an Atlanta-based provider of claims management solutions to the risk management and insurance industry.

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