[8-K] Enact Holdings, Inc. Reports Material Event
Enact Holdings, Inc. disclosed a summary of a new five-year revolving credit facility that matures on the five-year anniversary of closing, September 30, 2030. Borrowings may bear interest at either Term SOFR plus 0.10% plus an applicable margin tied to the company’s Senior Unsecured Rating, or an alternate base rate (ABR) plus an applicable rating-based margin, with a contractual floor on rates.
The facility is unsecured, allows voluntary prepayments without penalty, and charges a commitment fee of 0.175% on unused commitments based on the current rating. It includes customary affirmative and negative covenants plus financial tests: a specified minimum consolidated net worth formula, a maximum debt-to-total-capitalization ratio of 0.35, and compliance with Federal mortgage insurer eligibility requirements. Events of default permit customary remedies including acceleration. The summary is qualified by the full Credit Agreement filed as Exhibit 10.1.
Enact Holdings, Inc. ha divulgato un riepilogo di un nuovo facility di credito revolving quinquiennale che scadrà nel quinto anniversario della chiusura, il 30 settembre 2030. I prestiti possono avere tassi di interesse pari a Term SOFR più 0,10% più una margine applicabile legato al Senior Unsecured Rating dell’azienda, oppure a un ABR base alternativo più un margine basato sul rating, con un floor contrattuale sui tassi.
Il facility è non garantito, consente rimborsi volontari senza penali e applica una commissione di disponibilità dello 0,175% sui crediti non utilizzati in base all'attuale rating. Include covenants affermativi e negativi convenzionali più test finanziari: una formula minima di patrimonio netto consolidato, un rapporto debito-su-capitale totale massimo di 0,35, e conformità ai requisiti di idoneità per l'assicuratore federale sui mutui. Eventi di default permettono rimedi consueti tra cui accelerazione. Il riassunto è qualificato dal completo Credit Agreement presentato come Exhibit 10.1.
Enact Holdings, Inc. hizo público un resumen de una nueva facilidad de crédito revolving quinquenal que vence en el quinto aniversario del cierre, el 30 de septiembre de 2030. Los préstamos pueden devengar intereses a través de Term SOFR más 0,10% más un margen aplicable vinculado a la Calificación Senior No Garantizada de la empresa, o a una base alternativa (ABR) más un margen basado en la calificación, con un techo contractual para las tasas.
La facilidad es no asegurada, permite amortizaciones voluntarias sin penalización y cobra una comisión de compromiso de 0,175% sobre compromisos no utilizados basada en la calificación vigente. Incluye covenants afirmativos y negativos habituales más pruebas financieras: una fórmula específica de valor neto consolidado mínimo, una razón deuda–capitalización total máxima de 0,35 y el cumplimiento de los requisitos de elegibilidad del asegurador hipotecario federal. Los eventos de incumplimiento permiten remedios habituales, incluida la aceleración. El resumen está sujeto al Credit Agreement completo presentado como el Exhibit 10.1.
Enact Holdings, Inc.는 마감일로부터 5년이 되는 2030년 9월 30일에 만료되는 새로운 5년 회전 신용시설의 요약을 공개했습니다. 차입은 회사의 Senior Unsecured Rating에 연동된 적용 마진이나 대체 기준 금리(ABR) + 적용 마진으로 Term SOFR에 0.10%를 더한 이자율이 적용될 수 있으며, 금리의 하한이 계약상 존재합니다.
이 시설은 담보가 없는 형태로 제공되며 페널티 없이 자발적 선지급이 가능하고, 현재 등급에 따라 미사용 약정에 대해 0.175%의 커밋먼트 수수료가 부과됩니다. 일반적 긍정 및 부정 계약 조항과 재무 검토로는 특정 최소 연결제 순자산 공식, 총자본 대비 부채비율 최대 0.35, 연방 주택보험사 자격 요건 준수가 포함됩니다. 채무불이행 사유가 발생하면 가속화 등 일반적 구제절차가 허용됩니다. 요약은 Exhibit 10.1로 제시된 전체 Credit Agreement에 의해 한정됩니다.
Enact Holdings, Inc. a divulgué un résumé d’un nouveau mécanisme de crédit renouvelable quinquennal qui arrive à échéance au cinquième anniversaire de la closing, le 30 septembre 2030. Les emprunts peuvent porter intérêt soit sur la base de Term SOFR plus 0,10 % plus une marge applicable liée à la Senior Unsecured Rating de la société, soit sur une base ABR alternative plus une marge basée sur la note, avec un floor contractuel sur les taux.
Le facility est non garanti, permet des prépaiements volontaires sans pénalité et applique une commission d’engagement de 0,175% sur les engagements inutilisés en fonction de la note actuelle. Il comprend des covenants affirmatifs et négatifs usuels ainsi que des tests financiers : une formule minimale de valeur nette consolidée spécifiée, un ratio dette/capitalisation totale maximum de 0,35, et le respect des exigences d’éligibilité du fédéral pour l’assureur hypothécaire. Les événements de défaut permettent des recours habituels incluant l’accélération. Le résumé est qualified par le Credit Agreement complet déposé en tant qu’Exhibit 10.1.
Enact Holdings, Inc. hat eine Zusammenfassung einer neuen fünfjährigen revolvierenden Kreditfazilität veröffentlicht, die am fünften Jahrestag der Schließung, dem 30. September 2030, fällig wird. Ausleihen können Zinsen entweder zu Term SOFR zuzüglich 0,10 % plus eine anwendbare Marge, die an die Senior Unsecured Rating des Unternehmens gebunden ist, oder zu einem alternativen Basiszinssatz (ABR) zuzüglich einer ratingbasierten Marge haben, mit einer vertraglichen Floor-Untergrenze für die Zinsen.
Die Fazilität ist unbesichert, ermöglicht freiwillige Vorfälligkeitszahlungen ohne Strafe und erhebt eine Verpflichtungsgebühr von 0,175% auf ungenutzte Verpflichtungen basierend auf dem aktuellen Rating. Sie umfasst übliche bejahende und ablehnende Covenants sowie Finanztests: eine festgelegte minimale konsolidierte Nettoverschuldung, ein Maximum der Verschuldungsgrad‑Bewertung von 0,35 und die Einhaltung der Anforderungen der Federal Mortgage Insurance Eligibility. Ereignisse des Verzuges erlauben übliche Rechtsmittel einschließlich Beschleunigung. Die Zusammenfassung ist durch die vollständige Credit Agreement, vorgelegt als Exhibit 10.1, eingeschränkt.
Enact Holdings, Inc. كشفت عن موجز لهيئة ائتمانية دوارة جديدة لمدة خمس سنوات تستحق في الذكرى السنوية الخامسة للإغلاق، في 30 سبتمبر 2030. قد تحمل القروض فائدة إما بناءً على Term SOFR زائد 0.10% زائد هامش قابل للتطبيق مرتبط بتقييم Senior Unsecured Rating للشركة، أو بناءً بديل لسعر الفائدة الأساسي (ABR) زائد هامش قائم على التقييم، مع أرضية عقدية على المعدلات.
التمويل غير مضمون، ويسمح بالسداد المسبق الطوعي بدون غرامة، ويتقاضى رسوم التزام قدرها 0.175% على الالتزامات غير المستخدمة بناءً على التصنيف الجاري. ويتضمن بدلاً من ذلك عهود تأكيدية وسلبية اعتيادية إلى جانب اختبارات مالية: معادلة صافي الثروة المجمعة الدنيا المحددة، ونسبة الدين إلى رأس المال الإجمالي القصوى 0.35، والامتثال لمتطلبات الأهلية الخاصة بمؤمن الرهن الفدرالي. تسمح أحداث التخلف بالسبل المعتادة بما في ذلك التعجيل. الملخص مؤهل بالاتفاق الائتماني الكامل المقدم كمعرض Exhibit 10.1.
Enact Holdings, Inc. 披露了一项新的五年期循环信贷安排的摘要，该安排在关闭五周年，即 2030 年 9 月 30 日到期。借款利息可按 Term SOFR 加 0.10% 加上与公司 Senior Unsecured Rating 相关的适用边际，或按替代基础利率 (ABR) 加上基于评级的边际计算，利率存在合同性 下限。
该信贷安排为 无抵押，允许无罚金的自愿提前偿还，并对未使用的承诺收取 0.175% 的承诺费，基于当前评级。包含惯常的肯定性与消极性契约以及财务测试：指定的最低合并净资产公式、总资本化比率的上限 0.35、以及符合联邦按揭保险资格的要求。违约事件允许通常的救济措施，包括加速偿还。本摘要受完整的 Credit Agreement 的约束，该协议作为 Exhibit 10.1 提交。
- Unsecured facility that does not encumber present or future assets
- Five-year maturity providing multi-year liquidity (matures Sept 30, 2030)
- Voluntary prepayment allowed at any time without premium or penalty
- Low commitment fee of 0.175% based on current Senior Unsecured Rating
- Financial covenants include a minimum consolidated net worth test that may restrict capital actions
- Maximum debt-to-total-capitalization ratio capped at 0.35, limiting leverage capacity
- Events of default allow acceleration and customary lender remedies, posing refinance risk if breached
- Rate floor and rating-sensitive margins could raise borrowing costs if market rates fall or ratings weaken
Insights
TL;DR Revolving facility provides multi-year liquidity with rating-sensitive pricing and standard covenants that constrain leverage and capital flexibility.
The facility’s structure—rating-linked margins, Term SOFR/ABR options, an interest rate floor, and a modest commitment fee—indicates commercially typical lender protections while preserving borrowing flexibility. The 0.35 debt-to-capitalization cap and the detailed consolidated net worth test impose meaningful constraints on leverage and distributions. Unsecured status avoids collateral encumbrance but may limit size and pricing compared with secured alternatives. Investors should note covenant mechanics and default remedies as they affect financial flexibility, but the agreement otherwise reads as a standard corporate revolver intended to support liquidity.
TL;DR Credit facility contains routine governance and covenant protections; documentation of terms and covenants is important for oversight.
The Credit Agreement sets clear affirmative and negative covenants restricting additional subsidiary indebtedness, liens, and certain mergers, which require board-level monitoring to ensure compliance. The minimum consolidated net worth formula and mortgage insurer eligibility compliance create ongoing reporting and control obligations. Remedies for events of default, including acceleration, are standard but underscore the need for strong covenant compliance processes and timely disclosure to stakeholders. The full Exhibit 10.1 should be reviewed for operational definitions that affect measurement and waiver mechanics.
Enact Holdings, Inc. ha divulgato un riepilogo di un nuovo facility di credito revolving quinquiennale che scadrà nel quinto anniversario della chiusura, il 30 settembre 2030. I prestiti possono avere tassi di interesse pari a Term SOFR più 0,10% più una margine applicabile legato al Senior Unsecured Rating dell’azienda, oppure a un ABR base alternativo più un margine basato sul rating, con un floor contrattuale sui tassi.
Il facility è non garantito, consente rimborsi volontari senza penali e applica una commissione di disponibilità dello 0,175% sui crediti non utilizzati in base all'attuale rating. Include covenants affermativi e negativi convenzionali più test finanziari: una formula minima di patrimonio netto consolidato, un rapporto debito-su-capitale totale massimo di 0,35, e conformità ai requisiti di idoneità per l'assicuratore federale sui mutui. Eventi di default permettono rimedi consueti tra cui accelerazione. Il riassunto è qualificato dal completo Credit Agreement presentato come Exhibit 10.1.
Enact Holdings, Inc. hizo público un resumen de una nueva facilidad de crédito revolving quinquenal que vence en el quinto aniversario del cierre, el 30 de septiembre de 2030. Los préstamos pueden devengar intereses a través de Term SOFR más 0,10% más un margen aplicable vinculado a la Calificación Senior No Garantizada de la empresa, o a una base alternativa (ABR) más un margen basado en la calificación, con un techo contractual para las tasas.
La facilidad es no asegurada, permite amortizaciones voluntarias sin penalización y cobra una comisión de compromiso de 0,175% sobre compromisos no utilizados basada en la calificación vigente. Incluye covenants afirmativos y negativos habituales más pruebas financieras: una fórmula específica de valor neto consolidado mínimo, una razón deuda–capitalización total máxima de 0,35 y el cumplimiento de los requisitos de elegibilidad del asegurador hipotecario federal. Los eventos de incumplimiento permiten remedios habituales, incluida la aceleración. El resumen está sujeto al Credit Agreement completo presentado como el Exhibit 10.1.
Enact Holdings, Inc.는 마감일로부터 5년이 되는 2030년 9월 30일에 만료되는 새로운 5년 회전 신용시설의 요약을 공개했습니다. 차입은 회사의 Senior Unsecured Rating에 연동된 적용 마진이나 대체 기준 금리(ABR) + 적용 마진으로 Term SOFR에 0.10%를 더한 이자율이 적용될 수 있으며, 금리의 하한이 계약상 존재합니다.
이 시설은 담보가 없는 형태로 제공되며 페널티 없이 자발적 선지급이 가능하고, 현재 등급에 따라 미사용 약정에 대해 0.175%의 커밋먼트 수수료가 부과됩니다. 일반적 긍정 및 부정 계약 조항과 재무 검토로는 특정 최소 연결제 순자산 공식, 총자본 대비 부채비율 최대 0.35, 연방 주택보험사 자격 요건 준수가 포함됩니다. 채무불이행 사유가 발생하면 가속화 등 일반적 구제절차가 허용됩니다. 요약은 Exhibit 10.1로 제시된 전체 Credit Agreement에 의해 한정됩니다.
Enact Holdings, Inc. a divulgué un résumé d’un nouveau mécanisme de crédit renouvelable quinquennal qui arrive à échéance au cinquième anniversaire de la closing, le 30 septembre 2030. Les emprunts peuvent porter intérêt soit sur la base de Term SOFR plus 0,10 % plus une marge applicable liée à la Senior Unsecured Rating de la société, soit sur une base ABR alternative plus une marge basée sur la note, avec un floor contractuel sur les taux.
Le facility est non garanti, permet des prépaiements volontaires sans pénalité et applique une commission d’engagement de 0,175% sur les engagements inutilisés en fonction de la note actuelle. Il comprend des covenants affirmatifs et négatifs usuels ainsi que des tests financiers : une formule minimale de valeur nette consolidée spécifiée, un ratio dette/capitalisation totale maximum de 0,35, et le respect des exigences d’éligibilité du fédéral pour l’assureur hypothécaire. Les événements de défaut permettent des recours habituels incluant l’accélération. Le résumé est qualified par le Credit Agreement complet déposé en tant qu’Exhibit 10.1.
Enact Holdings, Inc. hat eine Zusammenfassung einer neuen fünfjährigen revolvierenden Kreditfazilität veröffentlicht, die am fünften Jahrestag der Schließung, dem 30. September 2030, fällig wird. Ausleihen können Zinsen entweder zu Term SOFR zuzüglich 0,10 % plus eine anwendbare Marge, die an die Senior Unsecured Rating des Unternehmens gebunden ist, oder zu einem alternativen Basiszinssatz (ABR) zuzüglich einer ratingbasierten Marge haben, mit einer vertraglichen Floor-Untergrenze für die Zinsen.
Die Fazilität ist unbesichert, ermöglicht freiwillige Vorfälligkeitszahlungen ohne Strafe und erhebt eine Verpflichtungsgebühr von 0,175% auf ungenutzte Verpflichtungen basierend auf dem aktuellen Rating. Sie umfasst übliche bejahende und ablehnende Covenants sowie Finanztests: eine festgelegte minimale konsolidierte Nettoverschuldung, ein Maximum der Verschuldungsgrad‑Bewertung von 0,35 und die Einhaltung der Anforderungen der Federal Mortgage Insurance Eligibility. Ereignisse des Verzuges erlauben übliche Rechtsmittel einschließlich Beschleunigung. Die Zusammenfassung ist durch die vollständige Credit Agreement, vorgelegt als Exhibit 10.1, eingeschränkt.
FAQ
What is the maturity date of Enact Holdings' new revolving facility (ACT)?
Is the revolving credit facility secured or unsecured for Enact (ACT)?
What interest rate options and fees apply under Enact's credit agreement?
What key financial covenants must Enact (ACT) comply with under the credit agreement?
Can Enact repay the revolver early without penalty?
