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Crawford & Company Modifies Credit Agreement

To effectively manage the operations ahead

Crawford & Company, an independent provider of claims management solutions, has 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 $50m and may also issue other, unsecured debt of up to $200m. It also updates certain covenants to allow for this additional flexibility and access to capital, while upwardly revising applicable interest rates.

Jeffrey T. Bowman, Crawford president and chief executive officer of Crawford & Company, said: We believe the amendment to our credit facility is a reflection of our solid operational performance. 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.