Crawford & Co., together with its subsidiaries, amended a five-year senior secured revolving credit facility with a syndicate of lenders.
The amendment increases the facility's aggregate commitments to $450 million from $400 million and extends the maturity date to Nov. 23, 2022, from Nov. 25, 2018.
Additionally, the amendment reduces the interest margin ranges to 1.30% to 2.10% for London Interbank Offered Rate loans and 0.30% to 1.10% for base rate loans. The amendment also reduces the minimum required fixed charge coverage ratio to 1.10 to 1.00 and changes the leverage ratio tests to set a maximum permitted senior secured leverage ratio of 3.25 to 1.00 and set a maximum permitted total leverage ratio of 4.25 to 1.00, among other things.
The Crawford subsidiaries party to the agreement are Crawford & Co. Risk Services Investments Ltd., Crawford & Co. (Canada) Inc. and Crawford & Co. (Australia) Pty Ltd. The lenders are led by Wells Fargo NA as administrative agent, Bank of America NA as syndication agent and Citizens Bank NA as documentation agent.