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Tiptree’s Fortegra gets refinanced $200 million revolving facility
By Wendy Van Sickle
Columbus, Ohio, Oct. 25 – Tiptree Inc. subsidiary Fortegra Financial Corp. refinanced its existing $200 million secured revolving credit agreement with a revolver of the same size maturing on Oct. 20, 2027, according to an 8-K filing with the Securities and Exchange Commission.
The prior maturity date was Aug. 4, 2023.
There is a $100 million incremental facility and a $25 million sublimit for swingline loans.
There is a $75 million sublimit for borrowings in euros or pounds sterling.
The interest rate is SOFR plus a margin that ranges from 150 basis points to 200 bps, depending on leverage ratio. The initial margin is 150 bps. There is a fee of 15 bps on unused commitments.
Financial convents include a maximum leverage ratio of 3.5x and a maximum senior leverage ratio of 1x.
Fifth Third Bank, NA is the administrative agent and a joint bookrunner with Citizens Bank, NA, which is the syndication agent.
First Horizon Bank, Keybank NA and Synovus Bank are the co-documentation agents.
Proceeds may be used to refinance existing debt, for capital expenditures, for working capital and other general corporate purposes.
Tiptree is a New York-based company that provides insurance and insurance services, real estate, asset management and specialty finance services.
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