Health Insurance Innovations, Inc. Enters into Expanded $30 Million Revolving Credit Facility with SunTrust
July 19 2017 - 4:01PM
Health Insurance Innovations, Inc. (NASDAQ:HIIQ), a leading
developer, distributor, and cloud-based administrator of affordable
health insurance and supplemental plans, announced today that its
subsidiary Health Plan Intermediaries Holdings, LLC entered into an
expanded revolving credit facility with SunTrust Bank, providing
access to up to $30.0 million of capital to the company and its
subsidiaries to be used for general corporate purposes,
including working capital needs, capital expenditures, and
permitted acquisitions. Under the agreement, the company has the
right to establish one or more additional term loans by up to an
additional $20.0 million, subject to terms contained in the
agreement. As of the quarter ended March 31, 2017, HIIQ and
its subsidiaries had no outstanding debt. Additional details
concerning the credit facility and term loan will be contained in
HIIQ’s Form 8-K to be filed with the Securities and Exchange
Commission regarding the credit facility.
"We are pleased to continue our successful relationship with
SunTrust, and we value their confidence in our business," said
HIIQ's CFO, Michael Hershberger. "This expanded credit
facility strengthens our access to capital and provides us
flexibility to continue to execute our strategic vision and build
on our record of innovation and success."
About Health Insurance Innovations, Inc.
(HIIQ)
HIIQ is a market leader in developing innovative health
insurance products that are affordable and meet the needs of health
insurance plan shoppers. HIIQ develops insurance products through
our relationships with best-in-class insurance companies and
markets them via its broad distribution network of licensed
insurance agents across the nation, its call center network, and
its unique online capability. Additional information about
HIIQ can be found at HIIQuote.com. HIIQ's Consumer Division
includes AgileHealthInsurance.com, a website for researching,
comparing and purchasing short-term health insurance products
online, and HealthPocket.com, a free website that compares and
ranks all health insurance plans and uses objective data to publish
unbiased health insurance market analyses and other consumer
advocacy research.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements are statements other than
historical fact, and may include statements relating to goals,
plans and projections regarding new markets, products, services,
growth strategies, anticipated trends in our business and
anticipated changes and developments in the United States health
insurance system and laws. Forward-looking statements are based on
HIIQ’s current assumptions, expectations and beliefs are generally
identifiable by use of words “may,” “might,” “will,” “should,”
“expects,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “potential” or “continue,” or similar expressions and
involve significant risks and uncertainties that could cause actual
results, developments and business decisions to differ materially
from those contemplated by these statements. These risks and
uncertainties include, among other things, our ability to maintain
relationships and develop new relationships with health insurance
carriers and distributors, our ability to retain our members, the
demand for our products, the amount of commissions paid to us or
changes in health insurance plan pricing practices, our ability to
integrate our acquisitions, competition, changes and developments
in the United States health insurance system and laws, and HIIQ’s
ability to adapt to them, the ability to maintain and enhance our
name recognition, difficulties arising from acquisitions or other
strategic transactions, and our ability to build the necessary
infrastructure and processes to maintain effective controls over
financial reporting. These and other risk factors that could cause
actual results to differ materially from those expressed or implied
in our forward-looking statements are discussed in HIIQ’s most
recent Annual Report on Form 10-K filed with the Securities and
Exchange Commission (SEC) as well as other documents that may be
filed by HIIQ from time to time with the Securities and Exchange
Commission, which are available at www.sec.gov. Any forward-looking
statement made by us in this press release is based only on
information currently available to us and speaks only as of the
date on which it is made. You should not rely on any
forward-looking statement as representing our views in the future.
We undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
Investor Contacts
Michael Hershberger, Health Insurance Innovations, Inc. 813-280-1282
John Evans, Investor Relations, PIR Communications, 415-309-0230, ir@hiiquote.com
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