---
schema_version: "secwatch.filing_event.v1"
accession: "0001910277-23-000010"
form_type: "8-K"
ticker: "PRA"
cik: "0001127703"
company_name: "PROASSURANCE CORP"
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T19:56:42.316863+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# ProAssurance amends revolver to $250M, adds $125M term loan to refinance Nov 2023 senior notes

## Summary
- Revolver extended to April 2028, capacity $250M plus $50M accordion feature.
- New $125M term loan due April 2028, drawn Nov 2023 to refinance maturing senior notes.
- Entered two $125M swap agreements with US Bank to hedge interest rate risk on revolver and term loan.
- Swaps begin Dec 29, 2023, end March 31, 2028; term loan swap amortizes quarterly from June 2024.
- No outstanding borrowings on revolver as of March 31, 2023; facility for general corporate purposes.

## SEC filing metadata
- accession: 0001910277-23-000010
- form_type: 8-K
- ticker: PRA
- cik: 0001127703
- company_name: PROASSURANCE CORP
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1127703/000191027723000010/0001910277-23-000010-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1127703/000191027723000010/pra-20230504.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001910277-23-000010
- JSON: https://secwatch.observer/filing/0001910277-23-000010.json
- Plain text: https://secwatch.observer/filing/0001910277-23-000010.txt

## Key facts
- Debt Financings
  PROASSURANCE CORP entered an off-balance-sheet arrangement for revolving credit of $125 million each swap agreements (total $250 million notional) with US Bank at hedging of short term interest rate indices maturing March 31, 2028.
  - Instrument: revolving credit
  - Principal: $125 million each swap agreements (total $250 million notional)
  - Counterparty: US Bank
  - Rate: hedging of short term interest rate indices
  - Maturity: March 31, 2028
  - Event: off balance sheet
  source text: that was originally entered into on April 15, 2011 and subsequently amended on November 7, 2019 and April 19, 2021. The Revolving Credit Agreement permits borrowings up to $250 million, and has available a $50 million accordion feature which, if successfully subscribed, would expand the permitted borrowings to a maximum of $300 million. As of March 31, 2023 and
  evidence_url: https://www.sec.gov/Archives/edgar/data/1127703/000191027723000010/0001910277-23-000010-index.htm
- Debt Financings
  PROASSURANCE CORP incurred term loan of $125 million term loan with not disclosed at not stated maturing April 2028.
  - Instrument: term loan
  - Principal: $125 million term loan
  - Counterparty: not disclosed
  - Rate: not stated
  - Maturity: April 2028
  - Event: incurrence
  source text: In concert with the Revolving Credit Agreement amendment, ProAssurance agreed to a Term Loan of $125 million as of April 28, 2023. We plan to draw on the Term Loan and the Revolving Credit Agreement in November 2023 to refinance our senior notes that are due at that time. The Term Loan will be due April 2028.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1127703/000191027723000010/0001910277-23-000010-index.htm
- Debt Financings
  PROASSURANCE CORP amended revolving credit of $250 million revolving credit facility with $50 million accordion with various lenders at not stated maturing April 2028.
  - Instrument: revolving credit
  - Principal: $250 million revolving credit facility with $50 million accordion
  - Counterparty: various lenders
  - Rate: not stated
  - Maturity: April 2028
  - Event: amendment
  source text: that was originally entered into on April 15, 2011 and subsequently amended on November 7, 2019 and April 19, 2021. The Revolving Credit Agreement permits borrowings up to $250 million, and has available a $50 million accordion feature which, if successfully subscribed, would expand the permitted borrowings to a maximum of $300 million. As of March 31, 2023 and
  evidence_url: https://www.sec.gov/Archives/edgar/data/1127703/000191027723000010/0001910277-23-000010-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.