Hanover Insurance enters $150M revolving credit facility, replaces 2019 agreement

HANOVER INSURANCE GROUP, INC.

New unsecured revolving credit facility provides $150M, expandable to $300M in $10M increments.
Matures July 21, 2028, with option to extend one year upon lender approval.
Replaces and terminates prior $150M credit agreement dated April 30, 2019.
Interest rates based on debt ratings: ABR margin 0.125%-0.625%, Term SOFR margin 1.125%-1.625%.
Financial covenants require minimum net worth and leverage ratio; no minimum risk-based capital requirement.

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

HANOVER INSURANCE GROUP, INC. terminated Prior Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and various other lender parties (effective 2023-07-21).

Action: termination
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and various other lender parties
Effective: 2023-07-21

Exact text from the filing

Concurrent with the Company’s entry into the New Credit Agreement, the Company voluntarily terminated the Prior Credit Agreement, as amended.

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

HANOVER INSURANCE GROUP, INC. entered into Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, Truist Bank and PNC Bank, National Association, as co-syndication agents, Morgan Stanley Senior Funding, Inc. and Goldman Sachs Bank USA, as co-documentation agents, and JPMorgan Chase Bank, N.A., PNC Capital Markets LLC and Truist Securities, Inc. valued at $150,000,000 (effective 2023-07-21).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, Truist Bank and PNC Bank, National Association, as co-syndication agents, Morgan Stanley Senior Funding, Inc. and Goldman Sachs Bank USA, as co-documentation agents, and JPMorgan Chase Bank, N.A., PNC Capital Markets LLC and Truist Securities, Inc.
Value: $150,000,000
Effective: 2023-07-21

Exact text from the filing

On July 21, 2023, The Hanover Insurance Group, Inc. (the “Company”), as Borrower, entered into a Credit Agreement (the “New Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, Truist Bank and PNC Bank, National Association, as co-syndication agents, Morgan Stanley Senior Funding, Inc. and Goldman Sachs Bank USA, as co-documentation agents, and JPMorgan Chase Bank, N.A., PNC Capital Markets LLC and Truist Securities, Inc., as joint bookrunners and joint lead arrangers.

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38 material agreements filed in the last 30 days. Browse all material agreements →

HANOVER INSURANCE GROUP, INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-033859

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