ESSENT GROUP LTD. (NYSE:ESNT) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On May 2, 2018, Essent Group Ltd., Essent Irish Intermediate Holdings Limited and Essent US Holdings, Inc. (together, the “Borrowers”) entered into an Incremental Amendment No.1 dated as of May 2, 2018 (the "Amendment") to that certain Amended and Restated Credit Agreement dated as of May 17, 2017 (the “Credit Agreement”) among the lenders party thereto (the “Lenders”) and JP Morgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”). The terms of the Amendment provide for (i) an increase in the revolving credit facility under the Credit Agreement to $275 million from $250 million, (ii) the issuance of $100 million of new term loans in addition to the $125 million already outstanding under the Credit Agreement prior to the Amendment, the proceeds of which were used at closing to pay down borrowings outstanding under the revolving credit facility, and (iii) a $100 million uncommitted line that may be exercised at the Borrowers’ option so long as the Borrowers receive commitments from the lenders.
All other material terms of the Credit Agreement, as amended by the Amendment, remain unchanged as disclosed in the Company’s disclosure on Form 8-K filed with the Securities and Exchange Commission on May 18, 2017.
Bank of America Merrill Lynch, J.P. Morgan and Royal Bank of Canada acted as joint lead arrangers and joint book runners for the Amendment.
A copy of the Credit Agreement, as amended by the Amendment, is filed as Exhibit 10.1 to this report and is incorporated into this Item 1.01 as if fully set forth herein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 of this Current Report on Form 8-K concerning the Credit Agreement is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
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Exhibit No. |
Description |
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Amended and Restated Credit Agreement, dated as of May 17, 2017, as amended by Incremental Amendment No. 1 dated as of May 2, 2018, by and among Essent Group Ltd., Essent Irish Intermediate Holdings Limited, and Essent US Holdings, Inc., as borrowers, the several banks and other financial institutions or entities from time to time parties to this agreement, as lenders, and JPMorgan Chase Bank, N.A., as administrative agent. |
Essent Group Ltd. ExhibitEX-10.1 2 conformedamendedandrestate.htm EXHIBIT 10.1 Exhibit EXHIBIT 1.1$500,…To view the full exhibit click here
About ESSENT GROUP LTD. (NYSE:ESNT)
Essent Group Ltd. is a private mortgage insurance company. The Company is engaged in serving the United States housing finance industry. It offers private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. The primary mortgage insurance operations are conducted through Essent Guaranty, Inc. (Essent Guaranty), a subsidiary of the company, which maintains operations centers and operates additional underwriting and service centers in Winston-Salem, North Carolina and Irvine, California. Essent Guaranty is a mortgage insurer and is licensed to write mortgage insurance in all 50 states and the District of Columbia. The Company offers primary and pool private mortgage insurance. Primary mortgage insurance provides protection on individual loans at specified coverage percentages. Pool insurance is used to provide additional credit for certain secondary market and other mortgage transactions.
