TAMPA, Fla., July 19, 2017 (GLOBE NEWSWIRE) -- Health Insurance Innovations, Inc. (NASDAQ:HIIQ), a leading developer, distributor, and cloud-based administrator of affordable health insurance and supplemental plans, announced today that its subsidiary Health Plan Intermediaries Holdings, LLC entered into an expanded revolving credit facility with SunTrust Bank, providing access to up to $30.0 million of capital to the company and its subsidiaries to be used for general corporate purposes, including working capital needs, capital expenditures, and permitted acquisitions. Under the agreement, the company has the right to establish one or more additional term loans by up to an additional $20.0 million, subject to terms contained in the agreement. As of the quarter ended March 31, 2017, HIIQ and its subsidiaries had no outstanding debt. Additional details concerning the credit facility and term loan will be contained in HIIQ’s Form 8-K to be filed with the Securities and Exchange Commission regarding the credit facility.
"We are pleased to continue our successful relationship with SunTrust, and we value their confidence in our business," said HIIQ's CFO, Michael Hershberger. "This expanded credit facility strengthens our access to capital and provides us flexibility to continue to execute our strategic vision and build on our record of innovation and success."
About Health Insurance Innovations, Inc. (HIIQ)
HIIQ is a market leader in developing innovative health insurance products that are affordable and meet the needs of health insurance plan shoppers. HIIQ develops insurance products through our relationships with best-in-class insurance companies and markets them via its broad distribution network of licensed insurance agents across the nation, its call center network, and its unique online capability. Additional information about HIIQ can be found at HIIQuote.com. HIIQ's Consumer Division includes AgileHealthInsurance.com, a website for researching, comparing and purchasing short-term health insurance products online, and HealthPocket.com, a free website that compares and ranks all health insurance plans and uses objective data to publish unbiased health insurance market analyses and other consumer advocacy research.
