United Fire Group Enters Material Definitive Agreement

Ticker: UFCS · Form: 8-K · Filed: Jun 6, 2024 · CIK: 101199

United Fire Group Inc 8-K Filing Summary
FieldDetail
CompanyUnited Fire Group Inc (UFCS)
Form Type8-K
Filed DateJun 6, 2024
Risk Levelmedium
Pages3
Reading Time4 min
Key Dollar Amounts$0.001, $70,000,000, $2,500,000 b
Sentimentneutral

Sentiment: neutral

Topics: material-agreement, financial-obligation, regulation-fd

Related Tickers: UFCS

TL;DR

UFCS inked a big deal May 31st, filing today. Financial implications pending.

AI Summary

United Fire Group Inc. entered into a material definitive agreement on May 31, 2024, related to a direct financial obligation. The filing also includes information on Regulation FD disclosure and financial statements, with the report being filed on June 6, 2024.

Why It Matters

This filing indicates a significant financial commitment or obligation for United Fire Group, which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — The nature of the material definitive agreement and its financial obligations are not fully detailed, requiring further analysis to assess the risk.

Key Players & Entities

  • United Fire Group Inc. (company) — Registrant
  • May 31, 2024 (date) — Date of earliest event reported
  • June 6, 2024 (date) — Date of report filing
  • 118 Second Avenue SE Cedar Rapids Iowa 52401 (address) — Principal executive offices
  • 3193995700 (phone_number) — Registrant's telephone number

FAQ

What type of material definitive agreement did United Fire Group Inc. enter into?

The filing states that the company entered into a material definitive agreement on May 31, 2024, which also constitutes the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement.

When was this 8-K report filed with the SEC?

This 8-K report was filed on June 6, 2024.

What is the principal executive office address for United Fire Group Inc.?

The principal executive offices are located at 118 Second Avenue SE, Cedar Rapids, Iowa 52401.

What is the IRS Employer Identification Number for United Fire Group Inc.?

The IRS Employer Identification Number for United Fire Group Inc. is 45-2302834.

What is the SIC code for United Fire Group Inc.?

The Standard Industrial Classification (SIC) code for United Fire Group Inc. is 6331, which corresponds to FIRE, MARINE & CASUALTY INSURANCE.

Filing Stats: 1,019 words · 4 min read · ~3 pages · Grade level 10.7 · Accepted 2024-06-06 16:21:16

Key Financial Figures

  • $0.001 — ange on which registered Common Stock, $0.001 par value UFCS The NASDAQ Global Select
  • $70,000,000 — ny") completed the private placement of $70,000,000 aggregate principal of senior unsecured
  • $2,500,000 b — aggregate principal amount of at least $2,500,000 beyond any period of grace provided. The

Filing Documents

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On May 31, 2024, United Fire Group, Inc. (the "Company") completed the private placement of $70,000,000 aggregate principal of senior unsecured notes due May 31, 2039 (the "Notes") to certain qualified institutional buyers (the "Offering") pursuant to a Master Note Purchase Agreement (the "Note Purchase Agreement"), dated as of May 31, 2024, by and among the Company, Ares Management, LLC ("Ares") as the lead investor (including several affiliate investors of Ares), American Republic Insurance Company and Illinois Casualty Company (collectively, the "Purchasers"). The private placement of the Notes is exempt from registration under the Securities Act of 1933, as amended. Capitalized terms used herein without definitions are used as defined in the Note Purchase Agreement. The Notes were issued in a single series, with a maturity date of May 31, 2039, and bearing interest at an annual rate of 9%. The interest on the Notes will be payable quarterly in arrears beginning on August 31, 2024. The proceeds of the Notes will be contributed to the Company's insurance subsidiaries in order to fund anticipated growth and for general corporate purposes. The Note Purchase Agreement contains certain customary representations, warranties, and covenants made by each of the Company and each Purchaser thereunder. The Note Purchase Agreement also contains customary events of default, which may cause acceleration of repayment, including, among others: The Company defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable. The Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable. The Company or any Subsidiary Guarantor defaults in the performance of or compliance with any term contained herein or in any Supplement. Any false or incorrect representation or warranty made in writing by or o

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On June 3, 2024, the Company issued a press release announcing the completion of the Offering, which is furnished as Exhibit 99.1 hereto.The information in this Item 7.01 and Exhibit 99.1 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. 1 Exhibit 10.1 Master Note Purchase Agreement, dated as of May 31, 2024, by and among the Company and the Purchasers* Exhibit 99.1 Press release of United Fire Group, Inc. dated June 3 , 2024 Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Portions of this exhibit have been omitted pursuant to Item 601 of Regulation S-K.

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. United Fire Group, Inc. (Registrant) Dated: June 6, 2024 /s/ Kevin J. Leidwinger Kevin J. Leidwinger, Chief Executive Officer 2

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