Mercury General extends maturity date of credit agreements with BofA

By Jennifer Chiou

New York, Dec. 8 – Mercury General Corp. entered into a first amendment to its credit agreement dated July 2, 2013 with Bank of America, NA as administrative agent, extending the maturity date to Dec. 3, 2019 and increasing available borrowings to $250 million, according to an 8-K filed with the Securities and Exchange Commission.

The amendment also revises certain financial covenants, the filing noted.

In addition, the company and Mercury Casualty Co. entered into a fourth amendment to their credit agreement dated Jan. 2, 2009, also with Bank of America as administrative agent, to extend the maturity date of the loan to Dec. 3, 2017 from July 31, 2016.

The amendment also modifies, among other things, certain financial covenants.

Mercury General is a fire, marine and casualty insurance company based in Los Angeles.

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