Greenlight Re receives notice of $275M letter of credit facility termination by Citi, effective Aug 20, 2024

GREENLIGHT CAPITAL RE, LTD.

Citi terminated commitment under $275M letter of credit facility; effective Aug 20, 2024, after 120-day notice.
Citi will provide $275M facility on an uncommitted basis for the foreseeable future after termination.
Greenlight Re already has $200M committed letter of credit facility with CIBC Bank USA from Dec 2023.
Company does not intend to replace the facility immediately due to existing alternatives.
Termination is without cause, permitted under either party's right with 120-day notice.

item 1.02

Key facts

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GREENLIGHT CAPITAL RE, LTD. terminated Facility with Citibank Europe plc valued at $275,000,000 (effective 2024-04-12).

Action: termination
Agreement: credit facility
Counterparty: Citibank Europe plc
Value: $275,000,000
Effective: 2024-04-12

Exact text from the filing

On April 12, 2024, Greenlight Capital Re, Ltd. (the “Registrant”) received written notice (the “Notice”) from Citibank Europe plc (“Citi”) of its decision to terminate its commitment under the $275,000,000 letter of credit facility agreement, between the Registrant’s subsidiary Greenlight Reinsurance, Ltd. ("Greenlight Reinsurance") and Citi, dated August 20, 2010, as amended (the “Facility”).

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Source: SEC EDGAR

accession 0001385613-24-000037

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