JERSEY CITY, N.J., September 13, 2010 (GLOBE NEWSWIRE) — Verisk Analytics, Inc. (Nasdaq:VRSK), a leading source of information about risk, today announced it has closed an amendment, effective September 10, to increase its existing revolving-credit facility from $420 million to $575 million and extend the maturity to September 2014. The facility, which is currently undrawn, may be drawn for general corporate purposes.
Mark Anquillare, chief financial officer, commented, “Our strong financial performance and the improvement in the debt markets presented an opportunity for us to collaborate with our existing lenders to increase our available capacity at a reduced cost. As we continue to manage our business for the long term, it is advantageous for us to have access to increased debt capacity. In combination with our significant free cash flow, this facility will provide the company flexibility to execute our strategic plans, including acquisitions and share buybacks to limit dilution. Consistent with our past approach, we view the revolving-credit facility as an attractive source of capital that we can borrow and repay from our strong operating cash flows.”
Banc of America Securities LLC and J.P. Morgan Securities, Inc., acted as joint lead arrangers and book managers.
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading provider of information about risk to professionals in insurance, healthcare, mortgage, government, and risk management. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on vast industry expertise and unique proprietary data sets to provide predictive analytics and decision-support solutions in fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk, data management, and many other fields. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com.
MWW Group (for Verisk Analytics)
Head of Investor Relations
Verisk Analytics, Inc.