Slide Insurance Holdings entered into a new credit agreement with a syndicate of financial institutions led by Huntington National Bank. The agreement provides a total credit facility of $1.07 billion and replaces Slide’s existing credit agreement of $530.4 million.
Under the new agreement, borrowings initially accrue interest on amounts drawn at 3.00%, an improvement of 25 basis points compared with the prior credit agreement.
“Our expanded credit facility provides us with additional flexibility to pursue our long-term diversified growth strategy,” said Andy Omiridis, chief financial officer of Slide. “The size of the expanded facility is a testament to the strength of Slide’s business model and our balance sheet.”
Borrowings under the new facility may be used for general corporate purposes of Slide and its subsidiaries, including refinancing existing indebtedness and supporting growth initiatives.
