THE PROGRESSIVE CORPORATION (BMV:PGR) Files An 8-K Entry into a Material Definitive Agreement

THE PROGRESSIVE CORPORATION (BMV:PGR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

On April 28, 2017, The Progressive Corporation (the “Company”) renewed its unsecured, discretionary line of credit (the “Line of Credit”) with PNC Bank, National Association (“PNC”). The Company previously maintained the Line of Credit in the principal amount of $100 million, but upon renewal, the Company increased the Line of Credit to a principal amount of $250 million. The prior line of credit, which was described on our Form 10-K dated March 1, 2017, had expired.
The Line of Credit is on substantially the same terms and conditions as the prior line of credit. Subject to the terms and conditions of the loan documents, advances under the Line of Credit (if any) will bear interest at a variable rate equal to the higher of PNC’s Prime Rate and the sum of the Federal Funds Open Rate plus 50 basis points. Each advance must be repaid on the 30th day after the date of the advance or, if earlier, April 30, 2018, the expiration date of the Line of Credit. Prepayments are permitted without penalty.
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THE PROGRESSIVE CORPORATION (BMV:PGR) Recent Trading Information

THE PROGRESSIVE CORPORATION (BMV:PGR) closed its last trading session 00.00 at 735.04 with 2,880 shares trading hands.

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