Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 28

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 1
Chunk 28
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 be used for general corporate purposes (which may include, without limitation, to fund future growth, to finance working capital needs, to fund capital expenditures, and to refinance, redeem or repay indebtedness). In September 2025, the Company drew down $15.0 million from the Credit Facility at an interest rate of 5.78% to fund the construction of its new corporate headquarters.The loans under the Amended and Restated Credit Agreement bear interest, at the Company's option, at a rate equal to the Adjusted Term SOFR Rate (as defined therein) plus 1.625% or the Alternate Base Rate (as defined therein) plus 0.625%. For the nine months ended September 30, 2025, the annual weighted-average interest rate of borrowings under the Credit Facility was 6.04%. 

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The following table presents the Company's outstanding debt as of September 30, 2025 and December 31, 2024:IssuanceMaturitySeptember 30, 2025December 31, 2024(in thousands)Credit FacilityVarious7/22/2027$26,000 $11,000 5.15% Series A Notes 7/22/20227/22/2034125,000 125,000 6.21% Series B Note9/18/20237/22/203450,000 50,000 Less: Unamortized debt issuance costs(1,672)(1,878)Total debt$199,328 $184,122 Both the Note Purchase Agreement and the Amended and Restated Credit Agreement contain representations and affirmative and negative covenants, including financial covenants customary for agreements of this type, as well as customary events of default provisions. As of September 30, 2025, the Company was in compliance with all of its financial covenants under both the Note Purchase Agreement and the Credit Facility. In October 2024, the covenants limiting restricted payments under the Note Purchase Agreement and Amended and Restated Credit Agreement were amended. The amendments allow the Company to make restricted payments so long as the aggregate amount of all such restricted payments does not exceed the greater of $300.0 million and 6.5% of the total assets of the Company and its subsidiaries at the end of the most recently completed fiscal quarter.

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14.     Other Comprehensive Income

The following table summarizes the