Fortegra lifts revolver to $85 million as Wells Fargo joins syndicate

By Sara Rosenberg

New York, March 1 - Fortegra Financial Corp. increased its revolving credit facility to $85 million from $55 million, according to a news release.

The upsizing was done as Wells Fargo Bank was added to the lender group.

SunTrust Bank is the lead bank on the deal.

"The increased size of the facility provides us with improved financial flexibility to pursue opportunities to both organically grow our existing businesses and seek out strategic acquisitions. Given our improved balance sheet, low leverage, an attractive business model with high margins and numerous opportunities for growth, we believe we are well positioned to continue to execute on our growth strategies," said Richard S. Kalbaugh, chairman and chief executive officer, in the release.

Fortegra is a Jacksonville, Fla.-based insurance services company.

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