HRH Increases Credit Line
NU Online News Service, Dec. 16, 1:58 a.m. EST?Hilb Rogal & Hobbs Company said it increased its line of credit to $425 million.[@@]
The increase is intended to fund future acquisitions, provide working capital and cover general corporate purposes, the Richmond, Va.-based broker said.
The borrowings are comprised of a $175 million five-year revolving credit facility as well as term loans of $50 million for five years and $200 million for seven years.
The new line of credit amends the previous borrowing facility of $283 million.
Martin L. Vaughan III, HRH chairman and chief executive officer, said the transaction was part of a growth strategy: "We fund acquisitions with a combination of cash from operations, borrowings and common stock. This expanded credit facility provides HRH with resources to continue to grow and deepen our products, services, capabilities and reach."
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