Tiptree subsidiary Fortegra refinances $200M credit facility, extends maturity to 2027

TIPTREE INC.

Fortegra Financial entered into a $200M secured revolving credit facility maturing October 20, 2027, replacing prior facility due August 4, 2023.
$75M available in Euro or Sterling; initial interest rate at SOFR + 1.50% per annum.
Financial covenants: max leverage ratio 3.50:1.00, max senior leverage 1.00:1.00, minimum NAIC RBC ratio 300%.
Includes $100M incremental facility, $200M letter of credit sublimit, and $25M swing line.
Borrowers are Fortegra Financial, LOTS Intermediate Co., and The Fortegra Group, Inc.; Tiptree Inc. is the ultimate parent.

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