Hagerty, Inc. (HGTY): debt financing — Hagerty enters $375M unsecured revolving credit facility, replaces prior $50.3M debt

Hagerty, Inc.

Entered $375M senior unsecured revolving credit facility with JPMorgan as agent; five-year term expires March 2025.
Facility includes $175M LC sublimit, $100M foreign currency sublimit, and $75M accordion feature.
Proceeds used to repay $50.3M outstanding under prior secured credit agreement, which was terminated.
Interest based on Term SOFR plus margin (net leverage pricing grid); financial covenants: net leverage ≤3.25x and fixed charge coverage.
Accordion can be increased unlimited if net leverage below 3.25x; uncommitted accordion of $75M also available.

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

Hagerty, Inc. incurred revolving credit of $375.0 million with JPMorgan Chase Bank, N.A. (as administrative agent) and other lenders at Term SOFR plus an applicable margin determined by the Borrower’s net leverage ra maturing five years.

Instrument: revolving credit
Principal: $375.0 million
Counterparty: JPMorgan Chase Bank, N.A. (as administrative agent) and other lenders
Rate: Term SOFR plus an applicable margin determined by the Borrower’s net leverage ra
Maturity: five years
Event: incurrence

Exact text from the filing

Under the Credit Agreement, the Borrower obtained a $375.0 million senior unsecured revolving credit facility (the “ Facility ”) for a term of five years, unless earlier terminated pursuant to the terms and conditions set forth in the Credit Agreement.

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Hagerty, Inc. filing history →

Source: SEC EDGAR

accession 0001840776-25-000041

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