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ERIE INDEMNITY COMPANY

(ERIE)
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Erie Indemnity Company Enters into Credit Agreement with PNC Bank

11/04/2021 | 03:21pm EST

On October 29, 2021, Erie Indemnity Company entered into a Credit Agreement with PNC Bank, National Association as Administrative Agent for itself and various other financial institutions from time to time party thereto as Lenders (the Credit Agreement"), to provide for, among other things, revolving credit loans to the Company in an aggregate principal amount of up to $100 million, including up to $25 million for issuances of letters of credit. The Company's obligations under the Credit Agreement are secured pursuant to the terms of a Pledge Agreement also dated October 29, 2021 between the Company and PNC (the Pledge Agreement"). The Revolving Credit Facility replaced existing $100 million credit facility with JPMorgan Chase Bank, National Association as Administrative Agent for itself, PNC and various other financial institutions from time-to-time party thereto as Lenders, as amended, (the Existing JPM Line of Credit") and is available for working capital, other general corporate purposes and to refinance the Existing JPM Line of Credit. The Company did not borrow any funds under the Revolving Credit Facility at closing. The Revolving Credit Facility bears interest, at option, at a rate based on the Bloomberg Short-Term Bank Yield Index Rate or the Base Rate (defined as the highest of (a) the Overnight Bank Funding Rate plus 0.5%, (b) the Administrative Agent's Prime Rate, and (c) the Daily BSBY Floating Rate plus 1.00%, plus an Applicable Margin that increases In the event the ratio of consolidated indebtedness to total capital exceeds certain thresholds. Based upon current Indebtedness to Capitalization Ratio, the company would pay a variable rate of interest of either the BSBY Rate plus a margin of 0.5% or the Base Rate without an additional margin on any outstanding balance and a quarterly commitment fee of 0.08% on any unused portion of the Revolving Credit Facility. The Credit Agreement expires October 29, 2026, and contains restrictive covenants, which include limitations on: incurring indebtedness, liens and encumbrances; making of guarantees; investments; dividends and distributions; liquidations, mergers, consolidations and acquisitions; dispositions of assets or subsidiaries; certain Transactions with affiliates; material changes in business; changes to fiscal year; issuance of capital stock and changes to organizational documents or to the agreements by which the company appointed to act as Attorney-in-Fact for the Erie Insurance Exchange. The Credit Agreement also contains certain financial covenants pertaining to Indebtedness to Capitalization Ratio.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2021 2 630 M - -
Net income 2021 302 M - -
Net Debt 2021 - - -
P/E ratio 2021 30,8x
Yield 2021 2,33%
Capitalization 8 201 M 8 201 M -
Capi. / Sales 2021 3,12x
Capi. / Sales 2022 3,00x
Nbr of Employees 5 865
Free-Float 41,5%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 177,56 
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Managers and Directors
Timothy G. NeCastro Senior Vice President-West Region
Gregory J. Gutting Chief Financial Officer & Executive Vice President
Thomas B. Hagen Non-Executive Chairman
Ronald Habursky Fixed Income Securities Analyst
Charles Scott Hartz Independent Director
Sector and Competitors