NEW YORK, Nov. 3, 2016 /PRNewswire/ -- KPS Capital Partners, LP ("KPS") announced today that its portfolio company Expera Specialty Solutions, LLC ("Expera" or the "Company") has completed its second successful recapitalization. Expera raised $335 million of financing, including a $50 million senior secured revolving credit facility and a $285 million senior secured term loan. The proceeds of the recapitalization were used to refinance outstanding debt, to fund an $85 million cash distribution to stockholders and to support the Company's continued growth. Following the recapitalization, Expera remains conservatively capitalized with the continued support of KPS to pursue organic and strategic growth initiatives. KPS is a private equity firm with approximately $5.5 billion of assets under management. KPS and Expera management continue to own 100% of Expera's common stock following the recapitalization. Russ Wanke, Chief Executive Officer of Expera, said, "Expera's successful recapitalization validates the incredible transformation Expera has experienced under KPS' ownership, and we are pleased to return capital to our stockholders. Our conservative capital structure and the financial support of our stockholders provide us with the resources to support our customers and further expand the Expera platform." In August 2014, Expera completed its first recapitalization, the proceeds of which were used to fund a $35 million cash distribution to stockholders. As a result of the two recapitalizations, Expera has distributed $120 million of cash to its stockholders since its creation. Financing for the recapitalization was provided by a syndicate of banks with Deutsche Bank Securities Inc. and Barclays acting as the Joint Lead Arrangers and Joint Bookrunners on the $50 million senior secured revolving credit facility and the $285 million senior secured term loan. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Expera with respect to the recapitalization.