Company: GLRE
Filing Date: 2025-09-09
Form Type: 8-K
Source: 0001385613-25-000103
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Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-09-09
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement

1. CIBC Revolving Credit Facility

On September 3, 2025, Greenlight Capital Re, Ltd. (the “Company”) entered into a First Amendment to Credit Agreement (the “Amendment”), which amended the Credit Agreement dated June 16, 2023 among the Company, the subsidiaries as guarantors, the financial institutions from time to time as lenders, and CIBC Bank USA (“CIBC”) as administrative agent (as amended or otherwise modified prior to the effective date of the Amendment, the " Existing Credit Agreement", and as further amended by the Amendment, the “ Amended Credit Agreement”).

The Amended Credit Agreement provides for a $50 million revolving credit facility (the “Revolving Credit Facility”), proceeds which were used to refinance in full the Company’s term loan facility under the Existing Credit Agreement (the “Refinancing”). Prior to, and in connection with, the Refinancing, the Company reduced its outstanding loans under the Existing Credit Agreement from approximately $59 million to $50 million, which was refinanced pursuant to the Refinancing.

The Revolving Credit Facility matures on September 3, 2030.

Outstanding loans under the Revolving Credit Facility will accrue interest at a rate equal to Term SOFR plus 3.25% per annum.

The obligations of the Company under the Amended Credit Agreement are guaranteed by substantially all of the Company’s subsidiaries, other than the Company’s regulated insurance subsidiaries, Greenlight Re Corporate Member Ltd. and Greenlight Re Ireland Services Limited. The obligations of the Company under the Amended Credit Agreement are secured by a first-priority lien on a collateral account with a minimum cash balance of $10 million which is held with CIBC.

The Amended Credit Agreement contains customary conditions, representations and warranties, affirmative and negative covenants and events of default. The covenants include certain financial covenants requiring the Company to maintain compliance with (i) a quarterly maximum net debt to capital and surplus ratio covenant set at 15% and (ii) an annual minimum capital and surplus to prescribed capital requirement ratio covenant set at (a) with respect to Greenlight Reinsurance, Ltd., 137% and (b) with respect to Greenlight Reinsurance Ireland, dac, 105%.

There is no material relationship between the Company or any of its subsidiaries or affiliates and CIBC, other than in respect of the Amended Credit Agreement and certain commercial banking