Crawford & Company (NYSE: CRDA; CRDB), the world's largest independent provider of claims management solutions, recently announced that Crawford and its lenders have agreed to an amendment of its existing credit This allows for greater access to capital and improves financial flexibility
agreement. Among other provisions, the amendment allows an extension of the revolving commitments from October 30, 2011, until October 30, 2013, and also offers Crawford increased financial flexibility.
The amendment provides that Crawford may increase the aggregate amount of its debt under the credit agreement by up to $50 million and may also issue other, unsecured debt of up to $200 million. It also updates certain covenants to allow for this additional flexibility and access to capital, while upwardly revising applicable interest rates.
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"We believe the amendment to our credit facility is a reflection of our solid operational performance," said Jeffrey T. Bowman, Crawford president and chief executive officer. "It increases our financial flexibility and should help us continue to effectively manage our operations going forward. We are pleased with both the immediate and potential future implications of this amendment." SunTrust Robinson Humphrey served as Crawford's sole bookrunner and lead agent for the amendment. "This transaction represents our ongoing commitment to serving our clients' financial needs," said Mark Huffstetler, managing director, SunTrust Robinson Humphrey. "SunTrust Robinson Humphrey is very pleased to have assisted Crawford in completing this important transaction."
Based in Atlanta, Georgia, Crawford & Company is the world's largest independent provider of claims management solutions to the risk management and insurance industry as well as self-insured entities, with a global network of more than 700 locations in 63 countries. The Crawford System of Claims Solutions(SM) offers comprehensive, integrated claims services, business process outsourcing and consulting services for major product lines including property and casualty claims management, workers' compensation claims and medical management, and legal settlement administration. Crawford & Company's shares are traded on the NYSE under the symbols CRDA and CRDB.
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