Mercury General to repay outstanding credit facility debt via new notes

By Tali Rackner

Norfolk, Va., March 1 – Mercury General Corp. plans to repay the balance of outstanding debt under its credit facilities using the proceeds from a new senior note offering, according to a 424B5 filing with the Securities and Exchange Commission.

As of Jan. 31, there was $180 million outstanding under the company’s revolving facility, which matures on Dec. 3, 2019; $120 million outstanding under its MCC Bank of America facility, which matures on Dec. 3, 2018; and $20 million under its Union Bank facility, which matures on Dec. 3, 2017.

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

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