Mercury General signs $250 million five-year unsecured revolving credit facility
On June 24, 2026, Mercury General entered a Second Amended and Restated Credit Agreement with Bank of America, N.A. as administrative agent, providing a five-year, $250.0 million unsecured revolving facility that replaces its March 31, 2021 credit agreement. Borrowing costs depend on the company's Debt to Capital Ratio, and the agreement sets quarterly financial covenants that shareholders can track.
Key points
- $250.0 million unsecured revolving facility matures June 24, 2031; proceeds may be used for general corporate purposes
- Replaces the Amended and Restated Credit Agreement dated March 31, 2021
- Term SOFR loans priced at 1.00% to 1.50% over the margin, Base Rate loans at 0.00% to 0.50%, and unused commitment fee of 0.10% to 0.225%, all based on the Debt to Capital Ratio
- Quarterly covenants: shareholders' equity of at least $1,550.0 million plus 25% of positive annual net income, Debt to Capital Ratio no higher than 35%, and insurance subsidiary risk-based capital ratio of at least 150%
The filing
Written by AI on Nov 8, 2026, 1:00 AM ET, from this filing 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 24, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.