Verra Mobility aims to reduce leverage by paying down debt

By Marisa Wong

Los Angeles, Nov. 21 – Verra Mobility Corp. announced its intention to reduce its leverage to a target net debt ratio of 3.0x to adjusted EBITDA by the end of 2023 and to mitigate the risk of increased cash interest payments, according to a press release.

The company may pay down its debt and explore interest rate risk management alternatives.

The company also announced on Monday that its board of directors has approved a stock repurchase program, which authorizes the company to repurchase up to $100 million of its class A common stock over the next 18 months.

Verra is a Mesa, Ariz.-based smart mobility technology company.

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