Hanover Insurance enters into $150 million five-year revolver

Chicago, July 21 – Hanover Insurance Group, Inc. signed for a $150 million revolving credit facility on July 21, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date will be July 21, 2028.

The facility may be increased up to $300 million, subject to certain conditions.

There is also an uncommitted sub-facility of $50 million for standby letters of credit.

Interest will be at SOFR+10 basis points CSA and a margin of 112.5 bps to 162.5 bps.

The commitment fee, based on five tiers and like the interest rate will be based on debt ratings, will be between 15 bps and 25 bps.

JPMorgan Chase Bank, NA is the administrative agent.

JPMorgan Chase Bank, PNC Capital Markets LLC and Truist Securities, Inc. are the joint bookrunners and joint lead arrangers.

PNC Bank, NA and Truist Bank are the co-syndication agents.

Morgan Stanley Senior Funding, Inc. and Goldman Sachs Bank USA are the co-documentation agents.

Proceeds may be used for general corporate purposes for Hanover or its subsidiaries.

The credit agreement replaces an April 30, 2019 credit agreement.

Hanover is a property and casualty insurance company based in Worcester, Mass.

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