Kemper restates revolver for upsized $600 million maturing in 2027

By Wendy Van Sickle

Columbus, Ohio, March 17 – Kemper Corp. amended and restated its credit agreement on March 15 with JPMorgan Chase Bank, NA as administrative agent, doubling the revolving credit facility to $600 million, according to an 8-K filing with the Securities and Exchange Commission.

The revolver now matures on March 15, 2027, pushed out from June 8, 2023.

An accordion feature allows Kemper to expand the revolver by up to $200 million.

Proceeds can be used for working capital and general corporate purposes.

JPMorgan, BofA Securities, Inc. and Wells Fargo Securities, LLC served as joint bookrunners and joint lead arrangers. Bank of America, NA and Wells Fargo Bank, NA are the syndication agents.

Borrowings bear interest at adjusted term SOFR, Sonia or CDOR plus a margin ranging from 108.5 basis points to 137.5 bps, and the facility fee ranges from 16.5 bps to 25 bps, depending on leverage ratio.

Kemper is a diversified insurance holding company based in Chicago.

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