Essent Group signs $500 million unsecured revolver to replace secured credit facility
Essent Group entered a refinancing agreement on June 26, 2024 for a five-year unsecured revolving credit facility of up to $500 million, up from $400 million of current borrowing capacity. The facility is intended to replace the company's existing senior secured credit facility, and its closing depends on an underwritten senior notes offering and repayment of the term loan borrowings. The filing says term loans are expected to be repaid from the note proceeds, and the new facility adds covenants, including a maximum 30% debt-to-total capitalization ratio.
Key points
- Five-year unsecured revolving facility of up to $500 million, plus up to $250 million of uncommitted incremental capacity at the company's option
- Closing is conditional on an underwritten senior notes offering starting June 26, 2024 and repayment of term loan borrowings under the existing facility
- Covenants include a maximum debt-to-total capitalization ratio of 30%, PMIERs compliance and a minimum consolidated net worth requirement
- Commitment fee rate at closing is 0.225% annually, based on the company's long-term issuer rating
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:05 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 26, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.