Enact Enters Into $200 Million Revolving Credit Facility

RALEIGH, N.C., July 07, 2022 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (NASDAQ:ACT ) (Enact) today announced that it entered into a five-year $200 million senior unsecured revolving credit facility (the "Credit Facility") on June 30, 2022. The company may use borrowings under the Credit Facility for working capital needs and general corporate purposes, including capital contributions to our insurance subsidiaries. "This new credit facility enhances our financial flexibility and bolsters our already strong balance sheet," said Dean Mitchell, Executive Vice President and Chief Financial Officer of Enact. "We are pleased with the terms of the facility which reflect our strong operating performance, credit profile and capital position." Borrowings under the Credit Facility will accrue interest at a floating rate tied to a standard short-term borrowing index plus an applicable margin, which is based on the company's ratings and currently stands at 200 basis points. As of the closing date, no amounts have been borrowed under the Credit Facility. Additional details related to the terms and conditions of the Credit Facility are included in the credit agreement, which will be filed with ... Full story available on Benzinga.com