Verisk plans to upsize loan, extend maturity and revise leverage ratio

By Sara Rosenberg

New York, Sept. 5 - Verisk Analytics Inc. signed a commitment letter for the syndication of an increase to its revolving credit facility to $850 million from $725 million, according to a 424B5 filed with the Securities and Exchange Commission on Wednesday.

In addition, the company is asking to extend the revolver maturity to October 2017 from October 2016 and increase the maximum consolidated funded debt leverage ratio to 3.5 times from 3.25 times.

Bank of America, JPMorgan Chase, Morgan Stanley, Wells Fargo Bank, Sovereign Bank, RBS Citizens, Sun Trust Bank, Northern Trust Co. and TD Bank are currently lenders under the revolver.

The company also disclosed in the filing that it intends to issue senior notes and use a portion of the proceeds from the offering to repay drawings under the revolver, which totaled $500 million at Aug. 31.

Verisk is a Jersey City, N.J.-based provider of information about risk to professionals in insurance, healthcare, mortgage, government, supply chain, and risk management.

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