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Root gets $300 million term loan via BlackRock Financial
By Wendy Van Sickle
Columbus, Ohio, Jan. 26 – Root, Inc. completed a new $300 million term loan with BlackRock Financial Management Inc., according to a news release.
Interest will be SOFR plus 900 basis points.
In conjunction with the term loan, Root issued BlackRock warrants equal to 2% of all issued and outstanding shares on a diluted basis at an exercise price of $9.00 per share, which expire on the earlier of the maturity or full repayment of the term loan. The maturity date was not specified in the news release, but the company said the new loan extends its debt maturity and enhances its liquidity position.
Root is the parent of Root Insurance Co. It uses data science and technology to provide automotive insurance.
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