Verisk Analytics Inc. on Aug. 15 amended a credit agreement to reduce the principal amount of the commitments under a revolving credit facility to $1.0 billion from $1.5 billion while increasing the unfunded/uncommitted accordion to $1.0 billion from $500 million.
The amendment also included a five-year extension of the maturity date, the ability for loans to be funded in euros and sterling, and certain modifications to the definition of applicable rate to reflect reductions in pricing. Changes to the financial covenant based on the consolidated funded debt leverage ratio to allow for one temporary step-up to 4.25x and one temporary step-up to 4.00x were also included in the amendment.
