RALEIGH, North Carolina, July 07 12, 2022 (GLOBE NEWSWIRE) — Enact Holdings, Inc. (Nasdaq: ACT) (Enact) today announced that it has 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 and general corporate purposes, including capital contributions to our subsidiaries. insurance.
“This new credit facility enhances our financial flexibility and strengthens our already strong balance sheet,” said Dean Mitchell, executive vice president and chief financial officer of Enact. “We are satisfied with the terms of the facility which reflect our strong operating performance, credit profile and capital position.”
Borrowings under the Credit Facility will bear interest at a variable rate linked 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 amount has 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 the Securities Exchange Commission as an attachment to a current report on Form 8-K.
The credit facility was entered into with five banks, led by JPMorgan Chase Bank, NA as administrative agent and co-lead arranger and Truist Bank as joint lead arranger, along with Goldman Sachs Bank USA, Barclays Bank PLC and Citibank, NA
About Enact Holdings, Inc.
Enact (Nasdaq: ACT), operating primarily through its wholly owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. provider of private mortgage insurance committed to helping more people achieve their dream of home ownership. Backed by a deep understanding of lenders’ businesses and a heritage of financial strength, we partner with lenders to deliver best-in-class service, leading underwriting expertise and in-depth risk and debt management. capital to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of members of the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.
Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual results to differ materially, including statements regarding the use of proceeds of facilities, expiration dates and expansion options, and capacity to expand installations. These forward-looking statements are distinguished by the use of words such as “will”, “may”, “could”, “anticipate”, “expect”, “believe”, “design”, “plan”, “predict ‘, ‘project’, ‘target’, ‘could’, ‘should’ or ‘intend’, the negative of these terms and similar references to future periods. These opinions involve risks and uncertainties that are difficult to predict and, therefore, our actual results may differ materially from the results discussed in our forward-looking statements, including the potential for future dividend payments which will be determined in consultation with the Board of Directors. . , and after taking into account economic and regulatory factors, the current risks for the Company and the performance of the subsidiaries. For a list of risks and uncertainties, please see the Company’s reports and other filings with the United States Securities and Exchange Commission. Although Enact believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved and it undertakes no obligation to publicly update the forward-looking statements as a result new information, future events or otherwise, except as required by applicable law.
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