CCC Intelligent Solutions completed the successful refinancing of its existing secured credit facility with a new credit agreement comprised of an $800 million senior secured term loan facility and a $250 million senior secured revolving credit facility. Bank of America, JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Citigroup, Barclays, Credit Suisse, Jefferies Finance LLC and Morgan Stanley acted as joint lead arrangers and joint bookrunners for the Credit Facility.

Brian Herb, Chief Financial and Administrative Officer of CCC, said, "Our new secured credit facility further strengthens our balance sheet and provides additional flexibility to execute on our strategic growth initiatives. Together with the proceeds from our recent transaction taking us public, we have decreased our net leverage by more than 50% and reduced our projected cash interest payments by approximately $20 million annually. We believe our strengthened balance sheet and ongoing investments can help deliver meaningful value for our customers and shareholders."

The Term Loan bears interest at a rate of (i) LIBOR (subject to a 0.50% floor) + initially 2.50% per annum or (ii) ABR + initially 1.50% (in each case, with a 0.25% leverage based step-down, tied to achieving a first lien net leverage ratio of 2.50x), and matures on September 21, 2028. The Revolving Facility bears interest at a rate of (i) LIBOR for dollar denominated borrowings (subject to a 0.00% floor) + initially 2.50% or (ii) ABR + initially 1.50% (in each case, with two 0.25% leverage based step-down, tied to achieving a first lien net leverage ratio of 2.50x and 2.00x respectively) and matures on September 21, 2026. The proceeds, together with cash on hand, were used to refinance all of the term loans and revolving credit facility amounts outstanding under the existing credit facility and to pay fees and expenses of the transaction, including termination of the company’s interest rate swap agreements.