Fortegra Financial Corporation Expands Revolving Credit Facility
01 März 2011 - 10:01PM
Business Wire
Fortegra Financial Corporation (the “Company”) (NYSE: FRF) today
announced that it has reached a joinder agreement with Wells Fargo
Bank, N.A., as a new lender under the Company’s existing revolving
credit facility with SunTrust Bank with a revolving commitment of
$30.0 million, increasing the size of the facility to $85.0
million.
The Company entered into the revolving credit facility with
SunTrust Bank on June 16, 2010, with an initial capacity of $35.0
million. On November 30, 2010, CB&T, a division of Synovus
Bank, entered into a joinder agreement to the revolving credit
facility with a revolving commitment of $20.0 million, which
increased the size of the facility to $55.0 million.
Richard S. Kalbaugh, Chairman and CEO of Fortegra Financial
commented, “We are encouraged to be able to expand the availability
under our credit facility for the second time in the past eight
months. The addition of Wells Fargo further strengthens our lender
group and we appreciate the speed, efficiency and effort put forth
by their team. The increased size of the facility provides us with
improved financial flexibility to pursue opportunities to both
organically grow our existing businesses and seek out strategic
acquisitions. Given our improved balance sheet, low leverage, an
attractive business model with high margins, and numerous
opportunities for growth, we believe we are well positioned to
continue to execute on our growth strategies.”
About Fortegra
Fortegra Financial Corporation is an insurance services company
that provides distribution and administration services and
insurance-related products to insurance companies, insurance
brokers and agents and other financial services companies in the
United States. It sells services and products directly to
businesses rather than directly to consumers. Fortegra’s brands
include Life of the South, Consecta and Bliss & Glennon.
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