Verra Mobility Announces Closing Of Senior Notes Offering And Refinancing Of Credit Facility

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[{"type":"text","content":"MESA, Ariz., March 26, 2021 /PRNewswire/ -- Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, today announced that it has completed its offering of 5.5 percent $350 million Senior Unsecured Notes due 2029 (the \"Notes\") and refinanced its existing 2018 credit agreement (as amended, the \"Credit Agreement\") with a new $650 million first lien term loan bearing an interest rate of the London Interbank Offered Rate (\"LIBOR\") plus 3.25 percent, which matures in 2028. \n\n \n \n \n \n \n \n\n \nVerra Mobility used the net proceeds from the offering, together with the proceeds of term loans incurred pursuant to an amendment and restatement agreement (the \"Restatement Agreement\"), to amend its First Lien Term Credit Agreement dated March 2018 and refinance all of its outstanding term loans, together with all accrued and unpaid interest, incurred pursuant to the Credit Agreement and intends to use the remainder of the net proceeds, together with cash on hand, to fund the purchase price for the previously announced acquisition of Redflex Holdings Limited, pay fees and expenses in connection with the refinancing and offering, and for general corporate purposes.\nThe 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.\nAbout Verra Mobility\nVerra Mobility is committed to developing and using the latest in technology and data intelligence to help make transportation safer and easier. As a global company, Verra Mobility sits at the center of the mobility ecosystem – one that brings together vehicles, devices, information, and people to solve complex challenges faced by our customers and the constituencies they serve.\nVerra Mobility serves the world's largest commercial fleets and rental car companies to manage tolling transactions and violations for millions of vehicles. As a leading provider of connected systems, Verra Mobility processes millions of tra...

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