RLI CORP (RLI): debt financing — RLI enters new $100M revolving credit facility with PNC Bank, maturing May 2026

RLI CORP

$100M unsecured revolving credit facility; maturity date May 29, 2026.
Accordion feature allows increase of up to $30M under certain conditions.
Interest: SOFR plus 1.50%-2.00% (ABR plus 0.50%-1.00%) based on leverage ratio.
Commitment fee on unused portion: 0.20%-0.30% per annum.
Covenant requires maximum leverage ratio of 0.35:1 and minimum consolidated net worth.

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

RLI CORP incurred revolving credit of $100 million with PNC Bank, National Association, as Lender at Adjusted Term SOFR rate for the applicable interest period plus the applicable m maturing May 29, 2026.

Instrument: revolving credit
Principal: $100 million
Counterparty: PNC Bank, National Association, as Lender
Rate: Adjusted Term SOFR rate for the applicable interest period plus the applicable m
Maturity: May 29, 2026
Event: incurrence

Exact text from the filing

The Credit Agreement provides for an unsecured $100 million revolving credit facility, with a termination date of May 29, 2026.

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

RLI CORP entered into Credit Agreement with PNC Bank, National Association valued at $100 million (effective 2023-03-30).

Action: entry
Agreement: credit facility
Counterparty: PNC Bank, National Association
Value: $100 million
Effective: 2023-03-30

Exact text from the filing

RLI Corp. (the “Company) in the ordinary course of business replaced its previous credit agreement, which had expired on its terms, by entering into a credit agreement with PNC Bank, National Association, as Lender (the “Credit Agreement”).

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Source: SEC EDGAR

accession 0000084246-23-000025

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