Verisk extends $1.0B revolver maturity to 2028, eases leverage covenant

Verisk Analytics, Inc.

Extended maturity of $1.0B revolving credit facility to five years from April 5, 2023 (now due 2028).
Implemented Term SOFR, SOFR Daily Floating Rate, and SONIA as reference rates; reduced unused commitment fee.
Increased max consolidated funded debt leverage ratio from 3.50x to 3.75x, with temporary step-ups to 4.25x and 4.50x for permitted acquisitions.
KeyBank and First Commercial Bank exited as lenders; new lenders joined; all borrowings remain unsecured.
Other terms of the credit agreement unchanged; no default or material adverse effect occurred.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Verisk Analytics, Inc. amended Fifth Amendment with the lenders party thereto and Bank of America, N.A. as administrative agent (effective 2023-04-05).

Action: amendment
Agreement: credit facility
Counterparty: the lenders party thereto and Bank of America, N.A. as administrative agent
Effective: 2023-04-05

Exact text from the filing

On April 5, 2023, Verisk Analytics, Inc. (the “Company”) entered into the Fifth Amendment to Second Amended and Restated Credit Agreement (the “Fifth Amendment”) which amends the Second Amended and Restated Credit Agreement dated as of April 22, 2015

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Verisk Analytics, Inc. filing history →

Source: SEC EDGAR

accession 0000950103-23-005450

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