AmTrust Financial raises permitted unsecured debt to $350 million

By Wendy Van Sickle

Columbus, Ohio, March 3 – AmTrust Financial Services, Inc. entered an eighth amendment to its credit agreement dated Sept. 12, 2014 with JPMorgan Chase Bank, NA as administrative agent on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increased the permitted amount of unsecured debt to $350 million from $200 million.

It also revised the definition of consolidated total debt to provide that the total amount of permitted debt incurred by one or more company subsidiaries in respect of letters of credit in excess of $250 million that is guaranteed by the company in reliance on the expanded unsecured indebtedness covenant will be deemed consolidated total debt and included in calculating AmTrust’s consolidated leverage ratio.

KeyBank NA and SunTrust Bank are the co-syndication agents of the credit agreement, and Lloyds Bank plc and Associated Bank are the co-documentation agents.

AmTrust is a New York-based insurance company.

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