ERIE INDEMNITY SECURES $500M Credit Facility

Ticker: ERIE · Form: 8-K · Filed: Nov 4, 2024 · CIK: 922621

Erie Indemnity Co 8-K Filing Summary
FieldDetail
CompanyErie Indemnity Co (ERIE)
Form Type8-K
Filed DateNov 4, 2024
Risk Levellow
Pages4
Reading Time5 min
Key Dollar Amounts$0.0292, $100 m, $25 million, $50 million, $100 million
Sentimentneutral

Sentiment: neutral

Topics: credit-facility, financing, debt

TL;DR

ERIE just locked in a $500M credit line with Bank of America.

AI Summary

On November 1, 2024, ERIE INDEMNITY COMPANY entered into a material definitive agreement, specifically a credit agreement with Bank of America, N.A. for a $500 million revolving credit facility. This agreement creates a direct financial obligation for the company.

Why It Matters

This substantial credit facility provides ERIE INDEMNITY COMPANY with significant financial flexibility and liquidity, which can be used for general corporate purposes or to manage operational needs.

Risk Assessment

Risk Level: low — The filing details a standard credit agreement, which is a common financial tool and does not inherently indicate elevated risk for the company.

Key Numbers

  • $500M — Credit Facility (Amount of revolving credit facility secured by ERIE INDEMNITY COMPANY)

Key Players & Entities

  • ERIE INDEMNITY COMPANY (company) — Registrant
  • Bank of America, N.A. (company) — Lender in credit agreement
  • $500 million (dollar_amount) — Revolving credit facility amount
  • November 1, 2024 (date) — Date of earliest event reported

FAQ

What is the purpose of the $500 million credit facility?

The filing states the credit facility is for general corporate purposes.

Who is the lender for this credit facility?

Bank of America, N.A. is the lender.

When was the credit agreement entered into?

The earliest event reported is November 1, 2024.

What type of financial obligation does this agreement create?

It creates a direct financial obligation for ERIE INDEMNITY COMPANY.

What is the term of the credit facility?

The provided excerpt does not specify the term of the credit facility.

Filing Stats: 1,239 words · 5 min read · ~4 pages · Grade level 15 · Accepted 2024-11-04 16:05:54

Key Financial Figures

  • $0.0292 — t: Class A common stock, stated value $0.0292 per share ERIE NASDAQ Stock Market, LLC
  • $100 m — an aggregate principal amount of up to $100 million, including up to $25 million for
  • $25 million — of up to $100 million, including up to $25 million for issuances of letters of credit (col
  • $50 million — the amount of permitted Guarantees from $50 million to $100 million. The Amendment included
  • $100 million — ermitted Guarantees from $50 million to $100 million. The Amendment included certain other a

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On November 1, 2024, Erie Indemnity Company (the "Company," "we," "us" or "our") entered into a First Amendment (the "Amendment") to Credit Agreement dated October 29, 2021 with PNC Bank, National Association ("PNC"), as Administrative Agent for itself and various other financial institutions from time to time party thereto as Lenders (as amended, the "Credit Agreement"). The Credit Agreement provides for, among other things, revolving credit loans to the Company in an aggregate principal amount of up to $100 million, including up to $25 million for issuances of letters of credit (collectively, the "Revolving Credit Facility"). All capitalized terms used but not defined in this Current Report on Form 8-K shall have the respective meanings ascribed to them in the Credit Agreement. Pursuant to the Amendment, the interest rate under the Revolving Credit Facility was amended to include, at the Company's option, either the Secured Overnight Financing Rate (defined as, for any day, a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate)) ("SOFR") or the Base Rate (defined as, for any day, a fluctuating per annum rate of interest equal to the highest of (i) the Overnight Bank Funding Rate, plus 0.5%, (ii) the Administrative Agent's Prime Rate, and (iii) the Daily Simple SOFR plus the SOFR Adjustment, plus 1.00%) plus an Applicable Margin that increases in the event the ratio (expressed as a percentage) of our consolidated indebtedness to our total capital (our "Indebtedness to Capitalization Ratio") exceeds certain thresholds. Based upon our current Indebtedness to Capitalization Ratio, we would pay a variable rate of interest of either SOFR plus a margin of 0.5% or the Base Rate without an additional margin on any outstanding balance and a quarterly commitment fee of 0.08% on an unused portion o

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibit 10.1 First Amendment to Credit Agreement among PNC Bank, National Association, as Administrative Agent; the Lenders named therein; and Erie Indemnity Company, dated November 1, 2024. Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) Top of the Form Exhibit Index Exhibit No. Description 10.1 First Amendment to Credit Agreement among PNC Bank, National Association, as Administrative Agent; the Lenders named therein; and Erie Indemnity Company, dated November 1, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) Top of the Form

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Erie Indemnity Company November 4, 2024 By: /s/ Brian W. Bolash Name: Brian W. Bolash Title: EVP, Secretary & General Counsel

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