Heritage Insurance Holdings, Inc. (HRTG): debt financing — Heritage Insurance Holdings enters into amended credit agreement increasing facilities to $200 million

Heritage Insurance Holdings, Inc.

Senior secured credit facilities increased to $200M aggregate principal from $150M, including $50M revolving credit facility, $75M term loan, and $75M delayed draw term loan.
Revolving facility maturity extended to July 2030 and term loan maturity to July 2030, with reduced interest margins to 2.50%-3.00% for SOFR loans.
Proceeds from the new term loan, along with cash on hand, were used to repay approximately $78 million outstanding under the prior credit agreement.
Amended covenants provide more flexibility, including ability to sell certain real estate assets in Clearwater, Florida.

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

Heritage Insurance Holdings, Inc. amended credit facility of aggregate principal amount of up to $200.0 million with Regions Bank at 2.50% to 3.00% per annum for SOFR loans maturing July 2030.

Instrument: credit facility
Principal: aggregate principal amount of up to $200.0 million
Counterparty: Regions Bank
Rate: 2.50% to 3.00% per annum for SOFR loans
Maturity: July 2030
Event: amendment

Exact text from the filing

The Amended and Restated Agreement, among other things, (i) increases the overall size of the senior secured credit facilities to an aggregate principal amount of up to $200.0 million (increased from $150.0 million), consisting of (a) a revolving credit facility that continues to have an aggregate principal amount of up to $50.0 million (inclusive of a $25.0 million sublimit for swingline loans), but with an extended maturity of July 2030 (from July 2026), (b) a term loan facility for an aggregate of $75 million principal amount outstanding as of the date of the Amended and Restated Agreement, with an extended maturity of July 2030 (from July 2026), and (c) a $75 million committed delayed draw term loan that may be advanced to finance specified permitted acquisitions and investments, subject to satisfaction of conditions to borrowing and compliance with a specified consolidated leverage ratio, in up to five separate installments during the two year period following the effective date o

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Source: SEC EDGAR

accession 0001193125-25-164405

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