NMI Holdings, Inc. Amends and Extends Revolving Credit Facility, Expanding Lender Group and Increasing Capacity to $250 Million
November 30, 2021 at 08:00 am EST
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NMI Holdings, Inc. announced that it has amended its senior secured revolving credit facility, expanding the lender group, increasing the revolving capacity to $250 million, and extending the maturity from February 22, 2023 to November 10, 2025. No amounts have been borrowed under the facility. J.P. Morgan Chase Bank, N.A., Citibank, N.A., RBC Capital Markets and Truist Securities, Inc. served as joint lead arrangers on the transaction, with additional commitments made by Bank of Montreal, Goldman Sachs Bank USA and U.S. Bank National Association. The amendments to the credit agreement governing the revolving facility, which will be filed with the Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K, include certain covenants and conditions customary for agreements of this type.
NMI Holdings, Inc. provides mortgage insurance (MI) through its wholly owned insurance subsidiaries, National Mortgage Insurance Corporation (NMIC) and National Mortgage Reinsurance Inc One (Re One). NMIC is its primary insurance subsidiary and is licensed to write MI coverage in all 50 states and District of Columbia (D.C.). Its subsidiary, NMI Services, Inc. (NMIS), provides outsourced loan review services to mortgage loan originators. It offers two principal types of MI coverage, primary and pool. Primary MI provides default protection on individual mortgage loans at specified coverage percentages. All its primary insurance is written on first-lien mortgage loans, with nearly all secured by owner-occupied single-family homes (defined as one-to-four family homes and condominiums). Pool insurance is generally used to provide additional credit enhancement for certain secondary market mortgage transactions. It offers outsourced loan review services to mortgage originators through NMIS.