Greenlight Capital Re enters $75M term loan facility; refinances convertible notes due Aug 2023

GREENLIGHT CAPITAL RE, LTD.

Delayed draw term loan of $75M; matures Aug 1, 2026; interest at Term SOFR + 3.50% p.a.
Proceeds to repay outstanding convertible notes due Aug 1, 2023; balance for general corporate purposes.
Financial covenants: net debt to cap & surplus ≤ 17.5%; min cap & surplus to PCR ratios of 137% and 105%.
Collateralized by $10M cash account; guaranteed by subsidiaries except regulated insurance entities.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

GREENLIGHT CAPITAL RE, LTD. entered into Credit Agreement with CIBC Bank USA valued at delayed draw term loan facility, aggregate amount of $75.0 million, matures August 1, 2026, interest (effective 2023-06-16).

Action: entry
Agreement: credit facility
Counterparty: CIBC Bank USA
Value: delayed draw term loan facility, aggregate amount of $75.0 million, matures August 1, 2026, interest
Effective: 2023-06-16

Exact text from the filing

On June 16, 2023, Greenlight Capital Re, Ltd. (the “ Company ”) entered into a Credit Agreement (the “ Credit Agreement ”) with a group of banks (the “ Banks ”), for which CIBC Bank USA is acting as administrative agent (the “ Administrative Agent ”).

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GREENLIGHT CAPITAL RE, LTD. filing history →

Source: SEC EDGAR

accession 0001385613-23-000074

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