Skyward Specialty Insurance Group, Inc. (SKWD): debt financing — Skyward Specialty enters $150M credit facility with Truist, replaces prior bank debt

Skyward Specialty Insurance Group, Inc.

$150M revolving credit facility; up to $30M for letters of credit; accordion feature allows $50M increase to $200M.
Interest: SOFR + 150-190 bps or base rate + 50-90 bps; maturity March 29, 2028.
Prior Prosperity Bank credit agreement terminated; all outstanding amounts repaid on March 29, 2023.
Unsecured facility guaranteed by non-insurance subsidiaries; covenants include minimum net worth, debt-to-cap ratio, A.M. Best rating, minimum liquidity.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Skyward Specialty Insurance Group, Inc. incurred credit facility of $150.0 million with Truist Bank at term SOFR plus a margin, which will range from 150 basis points to 190 basis poi maturing March 29, 2028.

Instrument: credit facility
Principal: $150.0 million
Counterparty: Truist Bank
Rate: term SOFR plus a margin, which will range from 150 basis points to 190 basis poi
Maturity: March 29, 2028
Event: incurrence

Exact text from the filing

parties thereto (each a “Lender” and collectively, the “Lenders”), Truist Bank as Administrative Agent (the “Agent”). The initial maximum principal amount of the Facility is $150.0 million. The Facility provides that the Company may utilize a portion of the maximum principal amount, not to exceed $30.0 million, for the issuance of one or more letters of credit.

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

Skyward Specialty Insurance Group, Inc. terminated Credit Agreement with Prosperity Bank (effective 2023-03-29).

Action: termination
Agreement: credit facility
Counterparty: Prosperity Bank
Effective: 2023-03-29

Exact text from the filing

the Company terminated its Credit Agreement dated as of December 11, 2019, between the Company and Prosperity Bank (the “Prior Agreement”).

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

Skyward Specialty Insurance Group, Inc. entered into Credit Agreement with Truist Bank valued at $150.0 million (effective 2023-03-29).

Action: entry
Agreement: credit facility
Counterparty: Truist Bank
Value: $150.0 million
Effective: 2023-03-29

Exact text from the filing

On March 29, 2023, Skyward Specialty Insurance Group, Inc. (the "Company"), a Delaware corporation, entered into a Credit Agreement (the “Facility”) by and among the Company as Borrower, the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), Truist Bank as Administrative Agent (the “Agent”). The initial maximum principal amount of the Facility is $150.0 million.

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73 debt financings filed in the last 30 days. Browse all debt financings →

Skyward Specialty Insurance Group, Inc. filing history →

Source: SEC EDGAR

accession 0001519449-23-000015

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