SOURCE: Mitchell International

Mitchell International

June 28, 2017 08:00 ET

Mitchell Announces $70 Million First Lien Term Loan

SAN DIEGO, CA--(Marketwired - Jun 28, 2017) - Mitchell, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) claims and Collision Repair industries, has announced the closing of a $70 million senior secured first lien term loan. The term loan is an add-on under Mitchell's existing Credit Agreement.

Mitchell expects to use the proceeds of the term loan to pay down its revolver and continue its track record of investing in technologies and companies that drive better outcomes in the markets it serves. Mitchell seeks to simplify the claims handling process across the Casualty, Pharmacy and Auto Physical Damage sectors. The company's deep expertise in data, technology and connectivity help its clients make better, more informed decisions at key points in the claims lifecycle.

"We are thrilled that investors continue to show confidence in us," said Alex Sun, CEO of Mitchell. "Our ability to attract capital allows Mitchell to deliver on our mission to achieve better outcomes for our clients. We look forward to expanding and enhancing our capabilities to support our clients."

For further collision repair and property casualty industry updates and perspectives, follow Mitchell on Twitter @Mitchell_Intl, @MitchellClaims, @MitchellRepair, @MitchellPBM and LinkedIn.

About Mitchell International
Headquartered in San Diego, California, Mitchell International, Inc. delivers smart technology solutions that simplify and accelerate claims handling and repair processes, driving more accurate, consistent and cost-effective resolutions. Mitchell integrates deep industry expertise into its workflow solutions, providing unparalleled access to data, advanced analytics and decision support tools. Mitchell's comprehensive solution portfolio and robust SaaS infrastructure connect its customers in ways that enable tens of millions of electronic transactions to be processed each month for more than 300 insurance companies, over 30,000 collision repair facilities and countless other Property & Casualty industry supply partners across the Americas and Europe. For more information, please visit www.mitchell.com.

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