---
schema_version: "secwatch.filing_event.v1"
accession: "0001385613-23-000074"
form_type: "8-K"
ticker: "GLRE"
cik: "0001385613"
company_name: "GREENLIGHT CAPITAL RE, LTD."
filed_at: "2023-06-22T23:59:59+00:00"
generated_at: "2026-06-13T18:53:24.414156+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001385613-23-000074
- form_type: 8-K
- ticker: GLRE
- cik: 0001385613
- company_name: GREENLIGHT CAPITAL RE, LTD.
- filed_at: 2023-06-22T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1385613/000138561323000074/0001385613-23-000074-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1385613/000138561323000074/glre-20230616.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001385613-23-000074
- JSON: https://secwatch.observer/filing/0001385613-23-000074.json
- Plain text: https://secwatch.observer/filing/0001385613-23-000074.txt

## Key facts
- Material Agreements
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1385613/000138561323000074/0001385613-23-000074-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.