GREENLIGHT CAPITAL RE, LTD. (GLRE): debt financing — Greenlight Capital Re enters $50M revolving credit facility and £50M LC facility

GREENLIGHT CAPITAL RE, LTD.

Refinanced $50M CIBC revolver due Sept 3, 2030 at Term SOFR+3.25%; repaid existing $59M term loan.
Facility secured by first-priority lien on $10M minimum cash collateral account held at CIBC.
Covenants: max net debt to capital & surplus ratio 15%; min capital ratios of 137% and 105% for insurance subs.
Entered uncommitted £50M letter of credit facility with Citibank to support Funds at Lloyd's business, guaranteed by parent.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

GREENLIGHT CAPITAL RE, LTD. amended revolving credit of $50 million revolving credit facility with CIBC Bank USA at Term SOFR plus 3.25% per annum maturing September 3, 2030.

Instrument: revolving credit
Principal: $50 million revolving credit facility
Counterparty: CIBC Bank USA
Rate: Term SOFR plus 3.25% per annum
Maturity: September 3, 2030
Event: amendment

Exact text from the filing

date of the Amendment, the " Existing Credit Agreement ", and as further amended by the Amendment, the “ Amended Credit Agreement ”). The Amended Credit Agreement provides for a $50 million revolving credit facility (the “ Revolving Credit Facility ”), proceeds which were used to refinance in full the Company’s term loan facility under the Existing Credit Agreement

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Source: SEC EDGAR

accession 0001385613-25-000103

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