HCI Group amends credit facility; reduces max to $50M, shifts to SOFR-based rate

HCI Group, Inc.

Maximum revolving credit reduced from $65M to $50M, aligned with collateral release of one land parcel.
Maximum debt-to-capital ratio set at 67.5% under amended Credit Agreement.
Borrowing rate now based on 1- or 3-month SOFR plus a 10 basis point adjustment.
Fifth Amendment eliminates LIBOR references and replaces with SOFR and Tranche Rate provisions.
Effective December 1, 2022; other terms updated per amendment with Fifth Third Bank.

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

HCI Group, Inc. amended Fifth Amendment to Credit Agreement with Fifth Third Bank valued at $50,000,000 (effective 2022-12-01).

Action: amendment
Agreement: credit facility
Counterparty: Fifth Third Bank
Value: $50,000,000
Effective: 2022-12-01

Exact text from the filing

On December 1, 2022, we completed an amendment to our revolving credit facility from Fifth Third Bank. Under the terms of the amendment, one parcel of land is released from the collateral pool and the maximum balance of the line of credit is reduced to $50,000,000, commensurate with the reduction in the collateral.

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HCI Group, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-22-026163

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