AmTrust Financial Services, Inc. (NASDAQ:AFSI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement.
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Company) entered into Amendment No. 8 (the Amendment) to its Credit
Agreement dated September 12, 2014, with JPMorgan Chase Bank, N.A.,
as Administrative Agent, KeyBank National Association and SunTrust
Bank, as Co-Syndication Agents, Lloyds Bank PLC and Associated
Bank, as Co-Documentation Agents, and the various institutions
party thereto as lenders (as amended from time to time, the Credit
Agreement).
indebtedness to increase the permitted amount of such indebtedness
from $200 million to $350 million. In addition, the Amendment
revises the definition of Consolidated Total Debt to provide that
the aggregate amount of permitted indebtedness incurred by one or
more Company subsidiaries as an account party in respect of letters
of credit in excess of $250 million that is guaranteed by the
Company in reliance on the expanded unsecured indebtedness covenant
will be considered Consolidated Total Debt and, therefore, included
in the calculation of the Companys consolidated leverage ratio.
wholly-owned subsidiaries, AmTrust International Insurance, Ltd.
(as Account Party), AmTrust Corporate Capital Limited, AmTrust
Corporate Member Limited, AmTrust Corporate Member Two Limited and
ANV Corporate Name Limited (as Corporate Members) entered into a
Second Amendment Agreement (the FAL Amendment) to its 515 million
credit facility agreement with ING Bank, N.V., London Branch, The
Bank of Nova Scotia, London Branch and Bank of Montreal, London
Branch (as amended from time to time, the Lloyd’s Agreement).
Agreement as the Amendment discussed above.
have provided, from time to time, and may continue to provide,
investment banking, commercial banking, financial and other
services to the Company, including letters of credit, depository
and account processing services, for which the Company has paid and
intends to pay customary fees.
qualified in their entirety by reference to the full text of the
Amendment and the FAL Amendment, which are filed as Exhibits 10.1
and 10.2 to this Current Report on Form 8-K and incorporated herein
by reference.
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Item 9.01
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Exhibits.
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(d)
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Exhibits.
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Exhibit No.
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Description
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10.1
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Amendment No. 8, dated March 1, 2017, to the Credit
Agreement, dated September 12, 2014, among the Company, JPMorgan Chase Bank, N.A., as Administrative Agent, and the various institutions party thereto as lenders. |
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10.2
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Second Amendment Agreement, dated March 1, 2017, related
to the 515,000,000 Facility Agreement, dated November 3, 2016, among the Company, AmTrust Corporate Capital Limited, AmTrust Corporate Member Limited, AmTrust Corporate Member Two Limited, ANV Corporate Name Limited, AmTrust International Insurance, Ltd., ING Bank N.V., London Branch, The Bank of Nova Scotia, London Branch and Bank of Montreal, London Branch. |
About AmTrust Financial Services, Inc. (NASDAQ:AFSI)
Amtrust Financial Services, Inc. (AmTrust) is an insurance holding company. The Company, through its subsidiaries, provides specialty property and casualty insurance focusing on workers’ compensation and commercial package coverage for small business, specialty risk and extended warranty coverage, and property and casualty coverage for middle market business. Its segments include Small Commercial Business, Specialty Risk and Extended Warranty, and Specialty Program. The Small Commercial Business segment is engaged in providing workers’ compensation, commercial package and other commercial insurance lines produced by wholesale agents, retail agents and brokers in the United States. The Specialty Risk and Extended Warranty segment is engaged in providing coverage for consumer and commercial goods and custom designed coverages. The Specialty Program segment is engaged in writing commercial insurance for defined classes of insureds through general and other wholesale agents. AmTrust Financial Services, Inc. (NASDAQ:AFSI) Recent Trading Information
AmTrust Financial Services, Inc. (NASDAQ:AFSI) closed its last trading session 00.00 at 22.95 with 1,926,074 shares trading hands.
