Artificial Intelligence | News | Insights | AiThority
[bsfp-cryptocurrency style=”widget-18″ align=”marquee” columns=”6″ coins=”selected” coins-count=”6″ coins-selected=”BTC,ETH,XRP,LTC,EOS,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”light” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523079266073{margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]

Verra Mobility Announces Pricing Of Extension And Amendment Of Credit Facility And Senior Notes Offering

Verra Mobility, a leading provider of smart mobility technology solutions, announced that it has priced and allocated the extension and amendment to its existing 2018 credit agreement (as amended, the “Credit Facility”) and priced new senior unsecured notes due 2029 (the “Notes”).

Recommended AI News: Cryptocurrency Payments Processing Service Automates Compliance Using Sumsub

The notes will mature in 2029 and bear an interest rate of 5.5% per year payable semi-annually. The Term Loan B Facility will bear an interest rate of the London Interbank Offered Rate (“LIBOR”) plus 3.25%, subject to a 0.00% LIBOR floor, and will mature in 2028. The sale of the Notes and the Credit Facility extension and amendment are each expected to close on March 26, 2021, subject to the satisfaction of customary closing conditions.

Related Posts
1 of 15,839

Recommended AI News: Demandbase Defines Account-Based Experience (ABX) as the Next Generation of ABM

Verra Mobility intends to use the net proceeds of the new $650 million 7-year Term Loan B, $350 million of new 8-year Senior Unsecured Notes, and cash on hand to repay the existing $866 million Term Loan B due 2025, fund the purchase price for the announced acquisition of Redflex Holdings Limited, pay fees and expenses related to the refinancing and offering, and for general corporate purposes.

The Notes were offered in a private placement and sold only to persons reasonably believed to be “qualified institutional buyers” in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act. Statements in this press release regarding the private offering of Notes shall not constitute an offer to sell or a solicitation of an offer to buy any such Notes.

Recommended AI News: Cubic Information Systems Joins HYCU Global Partner Program

Comments are closed.