Verisk to repay revolver with proceeds of health-related sector sale

By Wendy Van Sickle

Columbus, Ohio, April 25 – Verisk Analytics, Inc. will repay its revolving credit facility borrowings with a portion of the cash proceeds of the sale of its health care services business, Verisk Health, to Veritas Capital, according to a Monday press release.

Under a definitive agreement announced Monday, Veritas will pay $820 million for the health care services business, consisting of $720 million in cash and a $100 million long-term subordinated promissory note with interest paid in kind, and other contingent consideration.

The revolver paydown is expected soon. Over time, Verisk expects most of the proceeds will be applied to its long-standing capital allocation priorities, including acquisitions and share repurchases.

The transaction is expected to close by June 30.

Verisk is a risk analysis and management company based in Jersey City, N.J.

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