Item 1.01. Entry into a Material Definitive Agreement
On March 31, 2021, Mercury General Corporation (the "Company") entered into an
Amended and Restated Credit Agreement (the "Amended and Restated Credit
Agreement") with Bank of America, N.A., as administrative agent, and the other
lenders party thereto, which amends and restates the existing Credit Agreement
(the "2017 Credit Agreement") by and among the parties, dated as of March 29,
2017 (as amended to date). The Amended and Restated Credit Agreement, among
other things, extends the maturity date of the loan that is the subject of the
2017 Credit Agreement to March 31, 2026, increases the aggregate commitments by
all the lenders to $75 million from $50 million under the 2017 Credit Agreement,
adds an additional lender, relaxes or removes certain financial covenants of the
2017 Credit Agreement, and makes minor changes to the schedule of different
interest rates charged on the outstanding loans based on the Company's debt to
capitalization ratio. The foregoing description of the Amended and Restated
Credit Agreement does not purport to be complete and is qualified in its
entirety by reference to the Amended and Restated Credit Agreement, a copy of
which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is
incorporated herein by this reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of Registrant
The information set forth in Item 1.01 of this Current Report on Form 8-K is
incorporated into this Item 2.03 by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
10.1 Amended and Restated Credit Agreement dated as of March 31, 2021, by
and among Mercury General Corporation, Bank of America, N.A., as administrative
agent, and the other lenders party thereto.
104. Cover page Interactive Data File (formatted as inline XBRL)
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