Tiptree’s Fortegra unit enters three-year $200 million revolver

By Wendy Van Sickle

Columbus, Ohio, Aug. 5 – Tiptree Inc. subsidiary Fortegra Financial Corp. entered into a three-year $200 million secured revolving credit agreement on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings bear interest at Libor plus 225 basis points. There is an undrawn commitment fee of 25 bps.

Financial convents include a maximum leverage ratio of 3.5 to 1.0; a maximum senior leverage ratio of 1.0 to 1.0; and minimum National Association of Insurance Commissioners risk based capital ratio of 300%.

The credit agreement amends and restates the previous credit agreement dated Dec. 21, 2017.

Fifth Third Bank, NA and Citizens Bank, NA are the joint lead arrangers and bookrunners. Fifth Third is the administrative agent. Citizens is the syndication agent. First Horizon Bank, KeyBank NA and Synovus Bank are the co-documentation agents.

Tiptree is a New York-based company that provides insurance and insurance services, real estate, asset management and specialty finance services.

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