MORRISTOWN, N.J., June 16, 2020 /PRNewswire/ -- ProSight Global,
Inc. (NYSE: PROS) (ProSight) today announced that it has entered
into a $165 million delayed draw term
loan which will refinance existing indebtedness.
Larry Hannon, CEO and President
of ProSight, commented, "We are pleased to have closed a deal to
refinance our debt. This transaction will lower our cost of funds
considerably and supports our growth. We appreciate the support of
our lending group who collaborated with our Finance and Legal teams
to execute this transaction during a period of extraordinary
volatility and uncertainty."
The joint lead arrangers of the facility are SunTrust Robinson
Humphrey and Citizens Bank, N.A.
Refinancing Terms
The $165 million delayed draw term
loan has a three-year maturity and includes available interest
rates linked to customary base rates and to LIBOR, and if drawn
upon today would bear interest at LIBOR +300bps subject to a 75bp
LIBOR floor based on ProSight's current debt to capitalization
ratio. The existing $165 million
private placement notes have a weighted average coupon of 7.35%.
ProSight will use the new facility to repay the 2013 and 2015
senior notes in full when due in November, 2020.
The credit facility contains customary representations,
warranties, and covenants.
About ProSight
Founded in 2009 and headquartered in
Morristown, New Jersey, ProSight
Global, Inc. is an innovative property and casualty insurance
company that designs unique insurance solutions to help customers
improve their business and realize value from their insurance
purchasing decision. The company focuses on select niche
industries, deploying differentiated underwriting and claims
expertise with the goal of enhancing each customer's operating
performance. ProSight's products are sold through a limited
and select group of retail and wholesale distribution
partners. Each of ProSight's regulated insurance company
subsidiaries are rated "A-" (Excellent) by A.M. Best. To learn more
about ProSight visit www.prosightspecialty.com.
Forward-Looking Statements
This release contains forward-looking statements.
Forward-looking statements include statements relating to future
developments in ProSight business or expectations for ProSight's
future financial performance and any statement not involving a
historical fact. Forward-looking statements use words such as
"anticipate," "believe," "estimate," "expect," "intend," "plan,"
"should," "seek," "continue," and other words and terms of similar
meaning. ProSight's management believes that these
forward-looking statements are reasonable as of the time
made. However, caution should be taken not to place undue
reliance on any such forward-looking statements because such
statements speak only as of the date when made. Except as
required by law, ProSight undertakes no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events, or otherwise. Forward-looking
statements are subject to known and unknown risks and
uncertainties, many of which may be beyond our control. ProSight
cautions you that forward-looking statements are not guarantees of
future performance or outcomes and that actual performance and
outcomes may differ materially from those made in or suggested by
the forward-looking statements contained in this release. For
a discussion of some of the risks and important factors that could
affect ProSight's future results and financial condition, see our
filings with the U.S. Securities and Exchange Commission ("SEC"),
including, but not limited to, the risks and uncertainties included
under the captions "Risk Factors" in ProSight's most recent reports
on Form 10-K and Form 10-Q filed with the SEC. References to
"we," "us," "our," the "Company" and "ProSight", refer to ProSight
Global, Inc. and its consolidated subsidiaries.
Inquiries:
Joe
Hathaway
JHathaway@prosightspecialty.com
973.532.1706
View original content to download
multimedia:http://www.prnewswire.com/news-releases/prosight-specialty-insurance-announces-closing-of-new-debt-refinance-facility-301078196.html
SOURCE ProSight Global, Inc.