debt
confidence high
sentiment neutral
materiality 0.55
Skyward Specialty enters $150M revolving credit facility, expands to $250M on Apollo close
Skyward Specialty Insurance Group, Inc.
- Skyward entered new $150M unsecured revolving credit facility, increasing to $250M upon closing of Apollo Group acquisition.
- Facility matures November 12, 2030; interest rates at term SOFR +150-190 bps or base rate +50-90 bps.
- Prior credit agreement terminated and all outstanding amounts fully repaid.
- Financial covenants include minimum consolidated net worth, max debt to capitalization, minimum A.M. Best rating, and minimum liquidity.
- Undrawn commitment fee ranging from 0.20% to 0.35% based on debt to capitalization ratio.