States Auto Property enters into new $100 million five-year revolver

By Tali David

Minneapolis, July 30 - State Auto Property & Casualty Insurance Co. entered into a credit agreement on July 26 that provides the company with a $100 million five-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission.

KeyBank NA is the administrative agent, lead arranger, bookrunner and swingline lender, and JPMorgan Chase Bank, NA and PNC Bank, NA are co-documentation agents.

During the term of the new facility, State Auto Property has the right to increase the total facility amount by up to $50 million, provided that no event of default has occurred and is continuing. The facility is available for general corporate purposes, including working capital, acquisitions and liquidity purposes.

State Auto Property & Casualty is a wholly owned subsidiary of State Auto Financial Corp., a Columbus, Ohio-based insurance holding company.

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