MERCURY GENERAL CORP (MCY): debt financing — Mercury General increases revolving credit facility by $50M to $250M; net worth covenant amended

MERCURY GENERAL CORP

Aggregate commitments increased from $200M to $250M via $50M accordion feature.
BMO Bank N.A. joins as a lender with $30M commitment; Bank of America adds $20M.
Minimum consolidated net worth covenant revised to add 25% of positive net income starting with FY 2023.
Amendment dated November 30, 2023; no defaults exist and all other loan terms remain in effect.
Existing lenders Wells Fargo ($85M) and U.S. Bank ($15M) retain their commitments unchanged.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MERCURY GENERAL CORP amended credit facility of increases the aggregate commitments provided under the Existing Credit Agreement from $200 million to $250 million with Bank of America, N.A., as administrative agent.

Instrument: credit facility
Principal: increases the aggregate commitments provided under the Existing Credit Agreement from $200 million to $250 million
Counterparty: Bank of America, N.A., as administrative agent
Event: amendment

Exact text from the filing

increases the aggregate commitments provided under the Existing Credit Agreement from $200 million to $250 million and (ii) revises the consolidated net worth covenant

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MERCURY GENERAL CORP amended Second Amendment to Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, and the lenders party thereto valued at $200 million to $250 million (effective 2023-11-30).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, and the lenders party thereto
Value: $200 million to $250 million
Effective: 2023-11-30

Exact text from the filing

On November 30, 2023, Mercury General Corporation (the "Company") entered into the Second Amendment to Amended and Restated Credit Agreement (the "Second Amendment") with Bank of America, N.A., as administrative agent (the "Agent"), and the lenders party thereto.

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Source: SEC EDGAR

accession 0000064996-23-000037

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