Hagerty amends credit agreement to increase financial flexibility; leverage limit set at 3.75x from June 2024

Hagerty, Inc.

Tenth Amendment adds baskets for investments, debt, and liens subject to pro forma leverage ≤ 3.25x.
Maximum permitted leverage ratio under financial covenant set to 3.75x for periods on or after June 2024.
Additional debt capacity via incremental pari-passu debt or asset-backed securitization.
Amendment effective November 28, 2023, provides increased operational flexibility.

Key facts

Extracted from this filing and checked against the source text.

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

Hagerty, Inc. amended Tenth Amendment to the Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, the Foreign Subsidiary Borrowers party thereto, and the other financial institutions party thereto as Lenders (effective 2023-11-28).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, the Foreign Subsidiary Borrowers party thereto, and the other financial institutions party thereto as Lenders
Effective: 2023-11-28

Exact text from the filing

The Tenth Amendment amends and restates the existing Credit Agreement to provide for additional flexibility in the operations of the Borrower and its subsidiaries

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Hagerty, Inc. filing history →

Source: SEC EDGAR

accession 0001840776-23-000173

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