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Verra Mobility Announces Pricing Of Extension And Amendment Of Credit Facility And Senior Notes Offering
MESA, Ariz., March 19, 2021 /PRNewswire/ -- Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, today announced that it
About this update from Verra Mobility Corporation
[{"type":"text","content":"MESA, Ariz., March 19, 2021 /PRNewswire/ -- Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, today 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\"). \n\n \n \n \n \n \n \n\n \nThe 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. \nVerra 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. \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...