Verra Mobility Enters New Credit Agreement

TL;DR

Verra Mobility just signed a new credit deal, changing its debt structure.

AI Summary

On October 3, 2024, Verra Mobility Corporation entered into a Material Definitive Agreement, specifically a Credit Agreement, which creates a direct financial obligation for the company. This agreement is a significant event for Verra Mobility, impacting its financial structure and obligations.

Why It Matters

This filing indicates a significant change in Verra Mobility's financing arrangements, which could affect its operational flexibility and future investment capacity.

Risk Assessment

Risk Level: medium — Entering into new credit agreements can introduce new financial obligations and covenants that may impact the company's financial flexibility.

Key Players & Entities

• Verra Mobility Corporation (company) — Registrant
• October 3, 2024 (date) — Date of earliest event reported
• 1150 N. Alma School Road Mesa, Arizona 85201 (address) — Principal executive offices
• Gores Holdings II, Inc. (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — ered) Class A common stock, par value $0.0001 per share VRRM Nasdaq Capital Marke
• $700.1 million — ") in the aggregate principal amount of $700.1 million. The proceeds from the New Term Loans w

Filing Documents

• vrrm-20241003.htm (8-K) — 48KB
• vrrm-ex10_1.htm (EX-10.1) — 1871KB
• 0000950170-24-113090.txt ( ) — 2337KB
• vrrm-20241003.xsd (EX-101.SCH) — 48KB
• vrrm-20241003_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On October 3, 2024, Greenlight Acquisition Corporation (" Holdings "), VM Consolidated, Inc. (formerly known as ATS Consolidated, Inc.), American Traffic Solutions, Inc., and LaserCraft, Inc. (collectively, the " Borrowers "), as well as American Traffic Solutions Consolidated, L.L.C., ATS Processing Services, L.L.C., Auto Tag of America LLC, Auto Titles of America LLC, Highway Toll Administration, LLC, Verra Mobility Electrical Enterprises, Inc., Mulvihill ICS, Inc., PlatePass, L.L.C., Sunshine State Tag Agency LLC, Redflex Traffic Systems, Inc., T2 Systems Parent Corporation, T2 Holding Corp., T2 Systems, Inc., American Traffic Solutions, L.L.C., and Citation Collection Services, LLC (collectively, the " Subsidiary Guarantors "), each a wholly owned subsidiary of Verra Mobility Corporation (the " Company "), entered into Amendment No. 4 (the " Amendment ") to the Amended and Restated First Lien Term Loan Credit Agreement dated as of March 26, 2021 (as amended, the " Credit Agreement ") with the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent. Pursuant to the terms of the Amendment, the Borrowers consummated a permitted refinancing of the entire outstanding amount under the Credit Agreement and incurred new Term B-3 Loans (the "New Term Loans") in the aggregate principal amount of $700.1 million. The proceeds from the New Term Loans were used in their entirety to prepay in full the then outstanding principal amount of the existing term loan under the Credit Agreement. In connection with the refinancing, the interest rate on the approximately $700.1 million outstanding balance of the New Term Loans was reduced by 0.50 basis points to SOFR + 2.25% from SOFR + 2.75% with the SOFR floor unchanged at 0.00%. The New Term Loans will be subject to a prepayment premium of 1.00% of the principal amount repaid for any voluntary prepayment or mandatory prepayment with procee

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description of Exhibits 10.1 Amendment No. 4 to Amended and Restated First Lien Term Loan Credit Agreement, dated as of October 3, 2024, by and among Greenlight Acquisition Corporation, VM Consolidated, Inc. (formerly known as ATS Consolidated, Inc.), American Traffic Solutions, Inc., and LaserCraft, Inc., American Traffic Solutions Consolidated, L.L.C., ATS Processing Services, L.L.C., Auto Tag of America LLC, Auto Titles of America LLC, Highway Toll Administration, LLC, Verra Mobility Electrical Enterprises, Inc., Mulvihill ICS, Inc., PlatePass, L.L.C., Sunshine State Tag Agency LLC, Redflex Traffic Systems, Inc., T2 Systems Parent Corporation, T2 Holding Corp., T2 Systems, Inc., American Traffic Solutions, L.L.C., Citation Collection Services, LLC, the lenders party thereto and Bank of America, N.A. as Administrative Agent and Collateral Agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: October 7, 2024 Verra Mobility Corporation By: /s/ Craig Conti Name: Craig Conti Title: Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR