Crawford & Company Amends Credit Agreement
Published In: Business, Georgia 
Monday, November 2, 2009 12:06 PM
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ATLANTA, Nov. 2 /PRNewswire-FirstCall/ -- Crawford & Company (NYSE: CRDA; CRDB), the world's largest independent provider of claims management solutions, today announced that Crawford and its lenders have agreed to an amendment of its existing credit agreement. Among other provisions, the amendment allows an extension of the revolving commitments from October 30, 2011, until October 30, 2013, and also offers Crawford increased financial flexibility.
The amendment provides that Crawford may increase the aggregate amount of its debt under the credit agreement by up to $50 million and may also issue other, unsecured debt of up to $200 million. It also updates certain covenants to allow for this additional flexibility and access to capital, while upwardly revising applicable interest rates.
"We believe the amendment to our credit facility is a reflection of our solid operational performance," said Jeffrey T. Bowman, Crawford president and chief executive officer. "It increases our financial flexibility and should help us continue to effectively manage our operations going forward. We are pleased with both the immediate and potential future implications of this amendment."
SunTrust Robinson Humphrey served as Crawford's sole bookrunner and lead agent for the amendment. "This transaction represents our ongoing commitment to serving our clients' financial needs," said Mark Huffstetler, managing director, SunTrust Robinson Humphrey. "SunTrust Robinson Humphrey is very pleased to have assisted Crawford in completing this important transaction."
About Crawford
Based in Atlanta, Georgia, Crawford & Company (www.crawfordandcompany.com) is the world's largest independent provider of claims management solutions to the risk management and insurance industry as well as self-insured entities, with a global network of more than 700 locations in 63 countries. The Crawford System of Claims Solutions(SM) offers comprehensive, integrated claims services, business process outsourcing and consulting services for major product lines including property and casualty claims management, workers' compensation claims and medical management, and legal settlement administration. The Company's shares are traded on the NYSE under the symbols CRDA and CRDB.
This press release contains forward-looking statements, including statements about the financial condition and outlook of Crawford & Company. Statements, both qualitative and quantitative, that are not historical facts may be "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from historical experience or Crawford & Company's present expectations. Accordingly, no one should place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Crawford & Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise or not arise after the date the forward-looking statements are made. For further information regarding Crawford & Company, including factors that could cause our actual financial condition, results or earnings to differ from those described in any forward-looking statements, please read Crawford & Company's reports filed with the United States Securities and Exchange Commission and available at www.sec.gov or in the Investor Relations section of Crawford & Company's website at www.crawfordandcompany.com.

SOURCE Crawford & Company


 
Monday, November 2, 2009 12:06 PM

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