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Verra Mobility Announces Extension and Amendment of Existing Credit Agreement; Launches Senior Notes Offering

Verra Mobility, a leading provider of smart mobility technology solutions, announced its intention to extend and amend its existing 2020 credit agreement and issue new senior unsecured notes due 2029.

“We believe transitioning to a fixed and variable debt capital structure is timely and addresses our short-term capital needs and strengthens our balance sheet for the long-term. Our visibility into recurring revenue streams and strong cash flow generation potential effectively position us to service our debt and provide us the financial flexibility to invest for the future,” stated Tricia Chiodo, Chief Financial Officer of Verra Mobility.

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The timing of pricing and terms of the notes are subject to market conditions and other factors. Verra Mobility intends to use the net proceeds of the new $650 million 7-year Term Loan B and $350 million of new 8-year Senior Unsecured Notes (the “Notes”) to repay the existing $866 million Term Loan B due 2025, fund the purchase price for the announced acquisition of Redflex Holdings Limited, and for general corporate purposes.

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This press release is for informational purposes only. It is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities, nor shall there be any offer, solicitation, or sale of the Notes or any other securities in any jurisdiction in which such an offering, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such jurisdiction. Any offers of the Notes will be made only by means of a private offering memorandum. The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in a private placement offering exempt from registration in reliance on Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Notes and related guarantees have not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States without registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act or any other applicable state securities laws. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

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