ATLANTA, Dec. 12, 2011 /PRNewswire/ -- Crawford &
Company (NYSE: CRDA; CRDB), the world's largest independent
provider of claims management solutions, today announced the
execution of a new five-year, $325
million senior secured revolving credit facility with a
syndicate of banks led by Wells Fargo Securities, LLC, and Bank of
America Merrill Lynch as Joint Lead Arrangers and Joint Lead
Bookrunners.
Other banks participating in the credit facility include RBS
Citizens as Documentation Agent, Northern Trust, HSBC Bank
USA, Royal Bank of Canada, Fifth Third Bank and SunTrust
Bank.
The new facility, which matures in December 2016, replaces an existing $100 million revolving credit facility and
$218.6 million currently outstanding
under a syndicated term loan B.
"We are very pleased to enter into this new revolving credit
facility, which provides us with a number of benefits,
including the financial flexibility we need to pursue our long-term
strategic plans," said Crawford President and Chief Executive
Officer Jeffrey T. Bowman. "It also
reduces our borrowing costs, extends the maturity of our credit
facility to five years and improves our access to capital."
"We believe this agreement is a reflection of our solid
operational performance and is an important step for our company.
We also appreciate the support of our strong lender group, most of
whom we have maintained close relationships with for many years,"
Bowman added.
About Crawford
Based in Atlanta, Ga., Crawford
& Company (www.crawfordandcompany.com) 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 an expansive global network serving clients in more than 70
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. The Company's shares are traded on the NYSE under
the symbols CRDA and CRDB.
This press release contains forward-looking
statements. Statements, both qualitative and quantitative,
that are not historical facts may be "forward-looking" statements
as defined in the Private Securities Litigation Reform Act of 1995
and other federal securities laws. Forward-looking statements
involve a number of risks and uncertainties that could cause actual
results to differ materially from historical experience or Crawford
& Company's present expectations. Accordingly, no one
should place undue reliance on forward-looking statements, which
speak only as of the date on which they are made. Crawford
& Company does not undertake to update forward-looking
statements to reflect the impact of circumstances or events that
may arise or not arise after the date the forward-looking
statements are made. For further information regarding
Crawford & Company, including factors that could cause our
actual financial condition, results or earnings to differ from
those described in any forward-looking statements, please read
Crawford & Company's reports filed with the SEC and available
at www.sec.gov or in the Investor Relations section of Crawford
& Company's website at www.crawfordandcompany.com.
SOURCE Crawford & Company