Essent Increases Credit Facility To $625 Million
Essent Group has amended its credit facility to increase the total facility from $500 million to $625 million.
A spokesperson said, “Essent Group Ltd. today announced that it has amended its credit facility [Credit Facility] to increase the total facility from $500 million to $625 million with terms that provide for:
- An increase in the revolving credit facility from $275 million to $300 million;
- The issuance of an additional $100 million non-amortizing term loan;
- The revolving credit facility and term loans maturing concurrently in October 2023;
- An option to increase the Credit Facility to $775 million.
“The proceeds of the additional term loan issued, as well as cash at our holding company, were used at closing to pay down all amounts drawn under the revolving credit facility. Borrowings under the Credit Facility are available for working capital and general corporate purposes, including, without limitation, capital contributions to Essent’s insurance and reinsurance subsidiaries.”
“We are very pleased with the amended terms of the facility, which we believe are reflective of Essent’s strong financial profile,” said Mark Casale, Chairman and Chief Executive Officer. “The increase of the commitment under the credit facility, and the extension of the maturity to October 2023, further enhances our already strong capital and liquidity position and adds to our financial flexibility.”
