Mercury General Corporation Enters into an Amended and Restated Credit Agreement
April 01, 2021 at 04:17 pm EDT
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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.
Mercury General Corporation is an insurance holding company engaged in writing personal automobile insurance business. The Company writes homeowners, commercial automobile, commercial property, mechanical protection and umbrella insurance. The Companyâs automobile coverages include collision, property damage, bodily injury, personal injury protection, underinsured, and uninsured motorist and other hazards. Its homeownersâ coverage includes dwelling, liability, personal property, fire and other hazards. The Company offers standard, non-standard and preferred private passenger automobile insurance. It also offers homeowners insurance in approximately 10 states, commercial automobile insurance in approximately four states, and mechanical protection insurance in various states. Its subsidiaries include Mercury Casualty Company, California Automobile Insurance Company, Orion Indemnity Company, American Mercury Insurance Company, Animas Funding LLC, and Mercury Insurance Company of Illinois.
MERCURY GENERAL CORPORATION 
