Orrick Advises Wells Fargo in Financing for Fortegra Acquisition

12.08.14

Orrick, Herrington & Sutcliffe LLP recently advised Wells Fargo Bank, National Association, as administrative agent, and Wells Fargo Securities, LLC, as lead arranger, in connection with the extension of a $140 million secured credit facility to Fortegra Financial Corporation (“Fortegra”) and its wholly-owned subsidiary, LOTS Intermediate Co.  The primary purpose of the facility was to partially finance the acquisition of Fortegra by Tiptree Operating Company, LLC (“Tiptree”).  The financing includes an amended and restated $140 million secured, five-year credit agreement and provides for a $50 million term loan facility and a $90 million revolving credit facility. 

Tiptree is a diversified holding company specializing in insurance products and services. Fortegra is an insurance services company headquartered in Jacksonville, Florida. Publicly announced on August 12, 2014, the acquisition and financing transactions closed on December 4, 2014.

The Orrick team included partner B. J. Rosen and associate Stephanie Rivetz.