UNITED FIRE GROUP INC (UFCS): debt financing — United Fire terminates $50M credit line, joins FHLB Des Moines for up to 20% asset borrowing

UNITED FIRE GROUP INC

Terminated $50M revolving credit facility with Wells Fargo on Dec 29; no borrowings or penalties incurred.
UF&C admitted to FHLB Des Moines membership on Dec 22 after purchasing $1,248,500 in membership stock and depositing equal amount.
FHLB membership provides access to collateralized advances and liquidity management tools.
Aggregate borrowing capacity from FHLB is up to 20% of UF&C's total assets per Advances Agreement.
Advances Agreement requires pledge of FHLB stock and other agreed collateral for any advances.

item 1.02 item 2.03

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

UNITED FIRE GROUP INC incurred credit facility with Federal Home Loan Bank of Des Moines.

Instrument: credit facility
Counterparty: Federal Home Loan Bank of Des Moines
Event: incurrence

Exact text from the filing

ubsidiary of the Company, completed its admission to the membership of the Federal Home Loan Bank of Des Moines (“FHLB”) upon its acquisition of FHLB membership stock in exchange for $1,248,500.

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

UNITED FIRE GROUP INC terminated Credit Agreement with Wells Fargo Bank, National Association valued at $50 million (effective 2023-12-29).

Action: termination
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: $50 million
Effective: 2023-12-29

Exact text from the filing

On December 29, 2023, United Fire & Casualty Company (“UF&C”), a wholly owned subsidiary of United Fire Group, Inc. (the “Company”), terminated its existing credit agreement (the “Credit Agreement”), dated as of March 31, 2020, with Wells Fargo Bank, National Association, as administrative agent, issuing lender, swing-line lender and lender, and the other lenders from time to time party thereto, which provided for a $50 million revolving credit facility.

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283 debt financings filed in the last 30 days. Browse all debt financings →

UNITED FIRE GROUP INC filing history →

Source: SEC EDGAR

accession 0001104659-23-130477

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