MERCURY GENERAL CORPORATION (NYSE:MCY) Files An 8-K Entry into a Material Definitive Agreement
Item1.01. Entry into a Material Definitive Agreement
On December28, 2016, Mercury General Corporation and Mercury
Casualty Company entered into a Fifth Amendment Agreement (the
Fifth Amendment) with Bank of America, N.A., as administrative
agent, and the other lenders party thereto, which amends the
existing Credit Agreement (the 2009 Credit Agreement) by and
among the parties, dated as of January2, 2009 (as amended to
date). The Fifth Amendment, among other things, extends the
maturity date of the loan that is the subject of the 2009 Credit
Agreement to December3, 2018, incorporates provisions related to
European Union bail-in laws and includes in the definition of
Change of Control the removal of board members in response to
actual or threatened hostile action. The foregoing description of
the Fifth Amendment does not purport to be complete and is
qualified in its entirety by reference to the Fifth Amendment, a
copy of which is filed as Exhibit 10.1 to this Current Report on
Form 8-K and is incorporated herein by this reference.
Item2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of
Registrant
The information set forth in Item1.01 of this Current Report on
Form 8-K is incorporated into this Item2.03 by reference.
Item9.01. Financial Statements and Exhibits
| (d) | Exhibits. |
| 10.1 |
Fifth Amendment Agreement among Mercury Casualty Corporation, Mercury General Corporation, Bank of America, N.A., as administrative agent, and the other lenders party thereto |
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About MERCURY GENERAL CORPORATION (NYSE:MCY)
Mercury General Corporation is an insurance holding company. The Company is engaged in writing personal automobile insurance through approximately 10 insurance subsidiaries in over 10 states. The Company operates through Property and Casualty business segment. The Company also writes homeowners, commercial automobile, commercial property, mechanical breakdown and umbrella insurance. The Company offers a range of automobile coverage, such as collision, property damage, bodily injury (BI), comprehensive, personal injury protection (PIP), underinsured and uninsured motorist, and other hazards. The Company offers a range of homeowner’s coverage, such as dwelling, liability, personal property, fire and other hazards. It has operations in Arizona, California, Florida, Georgia, Illinois, Michigan, Nevada, New Jersey, New York, Oklahoma, Pennsylvania, Texas and Virginia. The Company offers standard, non-standard, and preferred private passenger automobile insurance in approximately 10 states. MERCURY GENERAL CORPORATION (NYSE:MCY) Recent Trading Information
MERCURY GENERAL CORPORATION (NYSE:MCY) closed its last trading session up +0.35 at 60.14 with 65,936 shares trading hands.