Fortegra Financial gets $140 million five-year term loan and revolver

By Susanna Moon

Chicago, Dec. 4 – Fortegra Financial Corp. obtained a $50 million term loan and $90 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into a $140 million five-year amended secured credit agreement on Thursday with Wells Fargo Bank, NA as administrative agent, swingline lender and issuing lender.

The five-year credit agreement amends and restates the company's $100 million secured credit agreement.

The facility has a sublimit of $10.0 million for swingline loans and $10 million for letters of credit.

The credit agreement terminates on Dec. 4, 2019 and includes a provision that allows the borrowers to request an increase the maximum amount of commitments by up to $50 million.

The company is required to repay the initial $50 million term loan in consecutive quarterly installments on the last business day of each quarter beginning on March 31, 2015 in an amount equal to 2.5% of the initial principal amount, with the remainder of the outstanding principal balance due on Dec. 4, 2019.

Fortegra is a Jacksonville, Fla.-based company that provides insurance services to other businesses.

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