Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 342

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 8
Chunk 342
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 At December 31, 2024, the Company was in compliance with all LC facilities covenants.Citi LC FacilityOn December 19, 2024, the Company amended its LC agreement with Citibank Europe plc (“Citibank”) dated August 20, 2010 to an uncommitted $275 million LC facility (the “Uncommitted Citibank LC Facility”). The LC previously issued under the former facility have been transferred to the Uncommitted Citibank LC Facility, and additional LC or similar or equivalent instruments under the Uncommitted Citibank LC Facility may be issued at Citibank’s sole discretion. The Uncommitted Citibank LC Facility may be terminated at any time by either the Company or Citibank upon written notice; however, upon termination of this facility, any existing LC will remain outstanding.HSBC LC FacilityOn December 17, 2024, the Company entered into a Continuing Letter of Credit Agreement with HSBC Bank USA, National Association (“HSBC”), providing for an uncommitted $100 million LC facility (the “Uncommitted HSBC LC Facility”). The Uncommitted HSBC LC facility may be terminated at any time by either the Company or HSBC upon written notice; however, upon termination of this facility, any existing LC will remain outstanding.CIBC LC Facility

On December 22, 2023, the Company entered into a credit agreement with CIBC Bank USA (“CIBC”) for a $200.0 million committed LOC facility (the “CIBC LC Facility”), with a $30.0 million sublimit for unsecured LC (the “CIBC Revolving Credit Facility”). 

F-39

10.     SHARE CAPITAL 

Ordinary SharesThe following table is a summary of changes in ordinary shares issued and outstanding: 202420232022OrdinaryOrdinaryClass AClass BClass AClass BBalance – beginning of year35,336,732 — 28,569,346 6,254,715 27,589,731 6,254,715 Issue of shares, net of forfeitures41,994 64,719 447,952 — 984,548 — Repurchase of shares(547,402)— — — (4,933)— Re-designate Class B to Class A shares— — 6,254,715 (6,254,715)— — Reclassify Class A to Ordinary shares— 35,272,