---
schema_version: "secwatch.filing_event.v1"
accession: "0001385613-23-000119"
form_type: "8-K"
ticker: "GLRE"
cik: "0001385613"
company_name: "GREENLIGHT CAPITAL RE, LTD."
filed_at: "2023-12-27T23:59:59+00:00"
generated_at: "2026-06-07T06:50:41.930236+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Greenlight Re enters $200M letter of credit facility with CIBC Bank; includes $30M revolver

## Summary
- $200M LC facility ($30M sublimit for unsecured LCs) with CIBC Bank USA.
- Revolving credit facility of $30M to support unsecured LCs; interest at base rate + 2.50%.
- Term of one year, matures Dec 21, 2024, with automatic one-year extension.
- LC issuance fee 0.25% of face amount; annual fee 0.25% of average daily undrawn amount.
- Facility secured by cash collateral account with minimum balance equal to outstanding LC face amount.

## SEC filing metadata
- accession: 0001385613-23-000119
- form_type: 8-K
- ticker: GLRE
- cik: 0001385613
- company_name: GREENLIGHT CAPITAL RE, LTD.
- filed_at: 2023-12-27T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1385613/000138561323000119/0001385613-23-000119-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1385613/000138561323000119/glre-20231222.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001385613-23-000119
- JSON: https://secwatch.observer/filing/0001385613-23-000119.json
- Plain text: https://secwatch.observer/filing/0001385613-23-000119.txt

## Key facts
- Debt Financings
  GREENLIGHT CAPITAL RE, LTD. incurred revolving credit of $30.0 million with CIBC Bank USA at base rate plus 2.50% per annum maturing December 21, 2024.
  - Instrument: revolving credit
  - Principal: $30.0 million
  - Counterparty: CIBC Bank USA
  - Rate: base rate plus 2.50% per annum
  - Maturity: December 21, 2024
  - Event: incurrence
  source text: the Credit Agreement provides, subject to the conditions set forth therein, for a revolving credit facility (the “ Revolving Credit Facility ”), in an aggregate amount of $30.0 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1385613/000138561323000119/0001385613-23-000119-index.htm
- Debt Financings
  GREENLIGHT CAPITAL RE, LTD. incurred credit facility of $200.0 million with CIBC Bank USA at 0.25% of the face amount maturing December 21, 2024.
  - Instrument: credit facility
  - Principal: $200.0 million
  - Counterparty: CIBC Bank USA
  - Rate: 0.25% of the face amount
  - Maturity: December 21, 2024
  - Event: incurrence
  source text: The Credit Agreement provides, subject to certain conditions set forth therein, for a committed letter of credit facility (the “ LC Facility ”), in an aggregate amount of $200.0 million, with a $30.0 million sublimit for unsecured letters of credit.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1385613/000138561323000119/0001385613-23-000119-index.htm
- Material Agreements
  GREENLIGHT CAPITAL RE, LTD. entered into Credit Agreement with CIBC Bank USA valued at $200.0 million (effective 2023-12-22).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: CIBC Bank USA
  - Value: $200.0 million
  - Effective: 2023-12-22
  source text: On December 22, 2023, Greenlight Reinsurance, Ltd. (“ Greenlight ”), a direct subsidiary of Greenlight Capital Re, Ltd. (the "Company"), entered into a Credit Agreement (the “ Credit Agreement ”) with CIBC Bank USA, acting as a lender and a letters of credit issuer (the “ LC Issuer ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1385613/000138561323000119/0001385613-23-000119-index.htm

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