FORT LAUDERDALE, Fla., Jan. 22, 2015 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), a national provider of comprehensive outsourcing solutions within the workers' compensation marketplace for insurance companies, employers, local governments and reinsurance captives, announced today that it finalized a five-year syndicated credit facility led by BMO Harris Bank, N.A. The new facility, which closed on January 22, 2015 and matures in January 2020, consists of a $40 million revolving credit facility and a $40 million term loan facility.
The Company intends to make borrowings of $40 million (or approximately $38.5 million net of loan fees), and together with the proceeds of its recent initial public offering, intends to repay $120 million outstanding under its existing loan agreements and for general corporate purposes.
"We are pleased to establish long-term relationships with BMO Harris Bank and SunTrust Bank, and to build on our existing relationships with Fifth Third Bank and City National Bank," said Steven Mariano, Chief Executive Officer of Patriot National. "This credit facility strengthens our capital structure by allowing us to refinance our existing debt on improved terms as well as supports our growth opportunities by providing additional capital to support our strategic initiatives."
Patriot National has issued a Form 8-K today that includes additional details regarding the terms of the credit facility.
About Patriot National
Patriot National is a national provider of comprehensive outsourcing solutions within the workers' compensation marketplace for insurance companies, employers, local governments and reinsurance captives. Patriot National provides general agency services, specialty underwriting and policyholder services and claims administration services to its insurance carrier clients and other clients. Patriot National is headquartered in Fort Lauderdale, Florida with seven regional offices around the country.
Forward Looking Statements
This press release may include statements that may be deemed to be forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties, and there are important factors that could cause our actual results to differ materially from those indicated in these statements, including those matters contained in our filings with the Securities and Exchange Commission. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this press release. Any forward-looking statement that we may make in this press release speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statement or to publicly announce the results of any revision to any of those statements to reflect future events or developments.
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SOURCE Patriot National, Inc.