E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 9/23/2021 in the Prospect News Bank Loan Daily.

CCC Intelligent loan facility includes $250 million revolver

Chicago, Sept. 23 – CCC Intelligent Solutions Inc. announced that its new senior secured credit facility contains a $250 million senior secured revolver, in addition to the previously reported $800 million term loan B, according to a press release.

The revolver matures on Sept. 21, 2026.

Interest is based on Libor plus 250 basis points initially, with a 0% Libor floor. There are two 25 bps step-downs based on a decreased net leverage ratio of 2.5x and 2x for each reduction.

As previously reported, the term loan has an interest rate based on Libor plus 250 bps, with a 0.5% floor.

The rate will step down 25 bps if the company achieves a first-lien net leverage ratio of 2.5x.

Proceeds from the facilities were used to refinance all of the term loans and revolving credit facility amounts under an existing credit facility.

Bank of America, JPMorgan Chase Bank, NA, Goldman Sachs Bank USA, Citigroup, Barclays, Credit Suisse, Jefferies Finance LLC and Morgan Stanley were joint lead arrangers and joint bookrunners for the facility.

CCC is a Chicago-based SaaS platform powering the property and casualty insurance economy.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.