Patriot National Borrows $40M to Augment IPO Money, Pay off Debts

After falling short of its money-raising goals through an initial public offering, Patriot National has taken out a $40 million loan to help pay off its debts. The company, which outsources workers' compensation services, closed a five-year credit facility led by BMO Harris Bank, N.A. on Thursday, according to a press release. The loan matures in January 2020. The money will complement about $116 million Patriot National raised with its entry into the New York Stock Exchange two weeks ago. The company initially hoped to raise $141 million with the IPO. Patriot National will use the...