Arch Capital enters $925M credit facility with accordion to $1.5B

ARCH CAPITAL GROUP LTD.

Secured Tranche A facility of $425M for letters of credit; unsecured Tranche B facility of $500M for revolving loans and LCs.
Commitments expire August 23, 2028; letters of credit may extend to August 23, 2029.
Facility may be increased to $1.5B subject to receipt of additional commitments.
Covenants include max consolidated leverage ratio and minimum tangible net worth.
Amends and restates the prior credit agreement dated December 17, 2019; no events of default noted.

Key facts

Extracted from this filing and checked against the source text.

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

ARCH CAPITAL GROUP LTD. amended Fourth Amended and Restated Credit Agreement with Bank of America, N.A., as Administrative Agent, L/C Administrator and a Fronting Bank, and the lenders party thereto valued at $425 million secured facility for letters of credit (the “Tranche A Facility”) and a $500 million un (effective 2023-08-23).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as Administrative Agent, L/C Administrator and a Fronting Bank, and the lenders party thereto
Value: $425 million secured facility for letters of credit (the “Tranche A Facility”) and a $500 million un
Effective: 2023-08-23

Exact text from the filing

On August 23, 2023, Arch Capital Group Ltd. (“ACGL”) and certain of its subsidiaries (such subsidiaries designated as co-borrowers are referred to as “Designated Subsidiary Borrowers” and, together with ACGL, the “Borrowers”), entered into a Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as Administrative Agent, L/C Administrator and a Fronting Bank, and the lenders party thereto.

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Source: SEC EDGAR

accession 0000947484-23-000086

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