ProAssurance Corporation
Overview
Deal Type |
Debt Capital Markets |
---|---|
Size |
$375 Million Senior Unsecured Credit Facilities |
Client & Transactional Partners |
ProAssurance Corporation |
Our Role |
Joint Lead Arranger Joint Bookrunner Co-Syndication Agent |
Summary
On April 28, 2023, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of $375 million of Senior Unsecured Credit Facilities (the Credit Facilities) for ProAssurance Corporation (ProAssurance or the Company). The Credit Facilities consist of a $250 million Revolving Credit Facility and a $125 million Delayed Draw Term Loan. Proceeds from the Credit Facilities will be used to refinance existing indebtedness and to pay transaction fee expenses. KBCM acted as Joint Lead Arranger, Joint Bookrunner Co-Syndication Agent on the transaction.
Founded in 1976 and headquartered in in Birmingham, Alabama, ProAssurance is a leading provider of property and casualty insurance, and reinsurance products in the United States. The Company operates through Specialty Property and Casualty, Workers’ Compensation Insurance, Segregated Portfolio Cell Reinsurance, and Lloyd’s Syndicate segments. ProAssurance participates in Lloyd’s of London Syndicate 1729, which underwrites property and casualty insurance, and reinsurance. The Company markets its products through independent agencies and brokers, as well as an internal business development team.
KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.