debt
confidence high
sentiment neutral
materiality 0.50
Erie Indemnity amends credit facility: extends to 2029, shifts to SOFR pricing
ERIE INDEMNITY CO
- Maturity of $100M revolving facility extended from 2021 to November 1, 2029.
- Interest rate options changed to SOFR + margin or Base Rate; current rate SOFR + 0.5%.
- Guarantee limit raised from $50M to $100M; judgment default threshold raised to $100M.
- Quarterly commitment fee on unused portion set at 0.08%.
- Financial covenants (Indebtedness to Capitalization Ratio) and other terms unchanged.