debt
confidence high
sentiment neutral
materiality 0.60
Kinsale Capital completes $125M note issuance to PGIM, enters $100M credit facility
Kinsale Capital Group, Inc.
- Issued $125M 5.15% Series A Senior Notes due July 22, 2034 to PGIM and affiliates.
- Private shelf facility allows up to $150M of Notes outstanding; proceeds used for surplus at insurance subsidiary and general corporate purposes.
- New $100M senior unsecured revolving credit facility with JPMorgan as administrative agent and Truist as syndication agent.
- Financial covenants include minimum net worth, debt-to-capital ratio ≤35%, and A.M. Best rating ≥A- for regulated insurance subsidiaries.
- Note purchase agreement includes customary events of default and affirmative/negative covenants.