Essent Group improves financial flexibility
Essent Group Ltd, the Bermudian-based mortgage re/insurer, has amended its credit facility to increase the total facility from $625 million to $825 million.
Essent said the amended credit facility has 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.
The company said borrowings under the credit facility are available for working capital and general corporate purposes, including, without limitation, capital contributions to Essent’s insurance and reinsurance subsidiaries.
“We are very pleased with the latest amended terms of the facility, which we believe are reflective of Essent’s strong financial profile,” said Mark A Casale, chairman and chief executive officer.
“The additional increase of the commitment under the credit facility, and the extension of the maturity to December 2026, again further enhances our already strong capital and liquidity position and adds to our financial flexibility.”