Horace Mann Educators Corporation Enters into A Fourth Amendment to Its Amended and Restated Credit Agreement

Published: 2025-05-22 16:51:12 ET HMN

Published on 05/22/2025 at 16:51

As of May 19, 2025, Horace Mann Educators Corporation (Company) as borrower, entered into a Fourth Amendment to its Amended and Restated Credit Agreement dated June 21, 2019, as amended (the Credit Agreement), with PNC Bank, National Association as administrative agent, and the lenders party thereto (the Fourth Amendment). The Fourth Amendment, among other things, (i) extends the commitment termination date to May 19, 2030 from the previous termination date of July 12, 2026, (ii) replaces the Eurodollar-based interest rate benchmark included in the Credit Agreement with a Term SOFR Rate (as defined in the Credit Agreement) as an interest rate benchmark and (iii) amends other terms to implement such benchmark replacement, including the addition of a Term SOFR Rate adjustment of ten basis points for each interest period applicable to Term SOFR Rate loans (the Term SOFR Adjustment). The loans under the Credit Agreement bear interest, at option, at either the Alternate Base Rate (as defined in the Credit Agreement) or the Term SOFR Rate plus the Term SOFR Adjustment plus, in each case, an applicable rate that remains at a range from 0.0%-0.50% per annum for Alternate Base Rate loans or 0.875%- 1.375% per annum for Term SOFR Rate loans, depending on the credit rating of senior, unsecured, long-term indebtedness.

The commitment fee rate under Credit Agreement remains at a range of 0.10%- 0.25% depending on the credit rating of senior, unsecured, long-term indebtedness. As of May 19, 2025, the applicable rate for Term SOFR Rate borrowings remains at 115 basis points and the unused commitment fee remains at 15 basis points. As of May 19, 2025, the Company?s outstanding balance under the Credit Agreement remained at $0 with $325 million of available commitments.