STATE AUTO FINANCIAL CORPORATION (NASDAQ:STFC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
Entry into a Material definitive Agreement.
State Auto Property & Casualty Insurance Company (the “Company” or “State Auto P&C”), a wholly owned insurance subsidiary of State Auto Financial Corporation (“State Auto Financial”) has an existing Blanket Security Agreement dated February 15, 2013, with the Federal Home Loan Bank of Cincinnati (the “FHLB”) under which the Company can elect various forms of financing. On April 3, 2019, the Company entered into an Open Line of Credit Commitment (the “2019 OLC”) with the FHLB providing State Auto P&C with a $100.0 million one-year open line of credit available for general corporate purposes. Draws under the 2019 OLC are to be funded with a daily variable rate advance with a term of no more than 180 days with interest payable monthly. All advances under the 2019 OLC are to be fully secured by a pledge of specific investment securities of State Auto P&C. The terms of the 2019 OLC are identical to the Company’s previous Open Line of Credit Commitment with the FHLB which expired on March 22, 2019.
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Section 2. |
Financial Information |
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Item 1.01 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
Information concerning State Auto P&C’s 2019 OLC is set forth in Item 1.01, which information is incorporated herein by reference.
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Section9. |
Financial Statements and Exhibits |
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Item 1.01. |
Financial Statements and Exhibits |
EXHIBIT INDEX
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Exhibit No. |
Description of Exhibit |
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Open Line of Credit Application dated as of April 2, 2019, between State Auto Property & Casualty and Federal Home Loan Bank of Cincinnati. |
State Auto Financial CORP Exhibit
EX-10.01 2 ex10011.htm EXHIBIT 10.01 Exhibit Ex. 10.01^FHLBCINCINNATI OPEN LINE OF CREDIT APPLICATIONEmail: CreditOperations@fhlbcin.comPhone: 800-828-4191 Fax: 513-852-5747D.D.A. # 389001 Date: 04/02/2019Pursuant to the BLANKET SECURITY AGREEMENT (“Agreement”) and the RESOLUTION FOR ADVANCES (“Resolution”) currently on file with the Federal Home Loan Bank of Cincinnati (“Bank”),…
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About STATE AUTO FINANCIAL CORPORATION (NASDAQ:STFC)
State Auto Financial Corporation (State Auto Financial) is a property and casualty insurance holding company. The Company is engaged in writing personal, business and specialty insurance. Its segments include personal insurance, business insurance, specialty insurance and investment operations. Its personal insurance, business insurance and specialty insurance are known as insurance segments of the Company. It writes standard insurance covering personal exposures to individuals in the personal insurance segment. The Company writes insurance covering small-to-medium sized commercial exposures in the business insurance segment. The specialty insurance segment offers commercial coverages requiring product underwriting, claims handling and/or risk management services through a distribution channel of retail agents and wholesale brokers, which include program administrators and other sources. Its investment portfolio is managed by its subsidiary, Stateco Financial Services, Inc.