Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 48

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 FACILITIES

Debt ObligationsThe following table summarizes the Company’s outstanding debt obligations.September 30, 2025December 31, 2024Term loans$— $60,313 Revolving credit facility35,000 — Accrued interest payable— 923 Less: deferred financing costs(255)(487)Total debt$34,745 $60,749 During the nine months ended September 30, 2025, the Company partially repaid $10.3 million of the outstanding Term loans. On September 3, 2025, the Company executed a First Amendment to its Credit Agreement originally dated June 26, 2023 (the “Amended Credit Agreement”), providing for a $50 million revolving credit facility (the “Revolving Credit Facility”). The proceeds were used to fully refinance the remaining $50 million Term Loans. This non-cash transaction was accounted for as a debt extinguishment.The outstanding loans under the Revolving Credit Facility accrue interest at a rate equal to Term Secured Overnight Financing Rate (SOFR) plus 3.25% per annum. During the nine months ended September 30, 2025, the Company repaid $15.0 million of the outstanding Revolving Credit Facility. 

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The Amended Credit Agreement continues to be secured by a first-priority lien on a collateral account with a minimum balance of $10.0 million. The Company was in compliance with all covenants relating to the Amended Credit Agreement at September 30, 2025.On October 6, 2025, the Company repaid $15.0 million of the outstanding Revolving Credit Facility.Credit FacilitiesAt September 30, 2025, the Company had the following letter of credit (“LC”) facilities:CapacityLCs issuedHSBC (1)$100,000 $— Citibank (2)275,000 183,339 CIBC (3)200,000 119,394 Total LCs in favor of cedants$575,000 $302,733 Citibank FAL (4)£50,000 £— (1) The HSBC LC facility may be terminated by either the Company or HSBC upon written notice; provided that such termination shall not terminate any letters of credit then-outstanding under this facility.(2) The Citibank LC facility may be terminated by Citibank upon written