MORRISTOWN, N.J., July 6, 2020 /PRNewswire/ -- ProSight
Global, Inc. (NYSE: PROS) (ProSight) today announced that it has
closed a $65 million revolving credit
facility. This announcement follows ProSight's June 16 announcement of a $165 million delayed draw term loan to refinance
$165m of existing indebtedness
maturing in November 2020.
"We are pleased to have finalized this upsized revolver.
This agreement builds upon our previously announced delayed
draw term loan, and provides additional flexibility to
support our growth," said ProSight CEO and President Larry Hannon.
The joint lead arrangers of the revolving credit facility are
SunTrust Robinson Humphrey, Citizens Bank, N.A., Regions Capital
Markets, and KeyBank N.A.
Revolving Credit Facility Terms
The $65 million revolving credit
facility 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 revolving 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-revolving-credit-agreement-301088583.html
SOURCE ProSight Global, Inc.