Essent Group Ltd. Announces Amended and Extended $825 Million Credit Facility
December 14, 2021 at 11:30 am
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Essent Group Ltd. has amended its credit facility to increase the total facility from $625 million to $825 million with terms that provide for: An increase in the revolving credit facility from $300 million to $400 million; The issuance of an additional $100 million term loan; and · The revolving credit facility and term loans maturing concurrently in December 2026. Borrowings under the Credit Facility are available for working capital and general corporate purposes, including, without limitation, capital contributions to Essents insurance and reinsurance subsidiaries. Borrowings under the revolving credit facility and term loan will accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Companys option, plus an applicable margin.
Essent Group Ltd. is a holding company. The Company, through its wholly owned subsidiaries, offers private mortgage insurance, reinsurance, risk management products and title insurance and settlement services to mortgage lenders, borrowers, and investors to support homeownership. In addition to offering mortgage insurance, it provides contract underwriting services on a limited basis through CUW Solutions, LLC. It also offers mortgage-related insurance and reinsurance through its Bermuda-based subsidiary, Essent Reinsurance Ltd. It provides private capital to mitigate mortgage credit risk, allowing lenders to make additional mortgage financing available to prospective homeowners. Its products and services include mortgage insurance, contract underwriting, and Bermuda-Based insurance and reinsurance. It offers two types of private mortgage insurance, namely primary and pool. Its subsidiaries also include Agents National Title Holding Company and Boston National Holdings LLC.