RENAISSANCERE HOLDINGS LTD (RNR): debt financing — RenaissanceRe amends standby LC agreement; adds $150M secured LC option, removes unsecured option

RENAISSANCERE HOLDINGS LTD

Third Amendment to Amended and Restated Standby Letter of Credit Agreement with Wells Fargo dated Feb 22, 2023.
Adds option to request up to $150M aggregate secured letters of credit.
Removes option to request unsecured letters of credit under the facility.
Modifies collateral calculation methodology and covenant for pledged collateral.
No other material changes; existing facility otherwise unchanged.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

RENAISSANCERE HOLDINGS LTD amended credit facility of up to $150.0 million with Wells Fargo Bank, National Association.

Instrument: credit facility
Principal: up to $150.0 million
Counterparty: Wells Fargo Bank, National Association
Event: amendment

Exact text from the filing

The Amendment provides for, among other things, the option to request the issuance of up to $150.0 million of secured letters of credit in the aggregate, the removal of an unused option to request unsecured letters of credit, and certain other modifications to the provisions that require collateral to be pledged in favor of Wells Fargo to secure the Applicants’ reimbursement obligations, including changes to the methodology for calculation of collateral values.

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Source: SEC EDGAR

accession 0000913144-23-000018

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