Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 604

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 1A
Chunk 604
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 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— 35,272,013 (35,272,013)— — — Balance – end of year34,831,324 35,336,732 — — 28,569,346 6,254,715 The Company’s authorized share capital is 125,000,000 ordinary shares, par value of $0.10 per share.On July 25, 2023, at the Company’s Annual General Meeting the shareholders approved the re-designation of Class B ordinary shares as Class A ordinary shares, and then reclassified Class A ordinary shares as “ordinary shares”, resulting in the elimination of the dual-class share structure. At December 31, 2024, the Company