United Fire Group, Inc. Enters into Credit Agreement with Wells FargoCredit Agreement • April 2nd, 2020 • United Fire Group Inc • Fire, marine & casualty insurance
CEDAR RAPIDS, IOWA – April 2, 2020 – On March 31, 2020, United Fire & Casualty Company, a wholly owned subsidiary of United Fire Group, Inc. ("UFG," the "Company"), entered into a credit agreement (the "Credit Agreement") with Wells Fargo Bank, National Association ("Wells Fargo") providing for a $50 million unsecured revolving credit facility with the opportunity to expand the line by an additional $100 million. The new credit agreement also includes a $20 million letter of credit sub-facility and a $5 million swingline loan facility. The Credit Agreement replaces the Company's former four year unsecured revolving credit facility that expired in February 2020. The Credit Agreement is available for general corporate purposes.
