Patriot National Profit Falls by Half in Q3; Recapitalization Announced

A week after rejecting a $475 million offer from Ebix Inc., Patriot National on Monday announced it had closed a deal to recapitalize the company. Patriot National closed a new $250 million term loan and $30 million revolving credit line with Cerberus Business Finance, an affiliate of Cerberus Capital Management LP. The announcement came the same day that the company announced its third quarter net income had fallen by half: from $3.788 million in the third quarter of 2015 to $1.876 million in this year’s third quarter. Total revenues grew in the third quarter to $6...