Business Context and Reporting Period
Company: Assurant, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: June 18, 2025
Event: Entry into a Material Definitive Agreement regarding a new credit facility.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, or operating margins. It focuses exclusively on liquidity and debt capacity.
- New Facility Size: $500 million senior unsecured revolving credit facility.
- Expansion Option: Capacity to increase the total amount to $750 million subject to conditions.
- Term: Five years, expiring in June 2030.
- Letter of Credit Sublimit: $50 million.
- Administrative Agent: JPMorgan Chase Bank, N.A.
- Syndication Agent: Wells Fargo Bank, National Association.
Material Changes Versus Prior Period
The Company replaced its prior five-year $500 million revolving credit facility, which was entered into on December 9, 2021, and was scheduled to expire in December 2026. The prior facility was terminated upon the effectiveness of the new agreement. The new agreement extends the maturity date to June 2030 and maintains the same initial aggregate amount of $500 million.
Guidance, Outlook, and Risks
Management Commentary: Proceeds from the new facility may be used for general corporate purposes. The Company paid customary fees and expenses to secure the facility.
Risks and Covenants: The agreement contains customary affirmative, negative, and financial covenants. An event of default could cause all unpaid principal, accrued interest, and other obligations to become immediately due and payable.
Investor Verification Checklist
- Verify the specific financial covenants and negative covenants detailed in the attached Third Amended and Restated Credit Agreement (Exhibit 10.1).
- Confirm the interest rate structure and fee schedule associated with the new facility.
- Assess the Company's current utilization of the $500 million facility and the likelihood of exercising the $250 million expansion option.
- Review the impact of the termination of the 2021 facility on the Company's overall debt maturity profile.