Loan & DebtJul 1, 2026, 05:27 PM
Jackson Financial Secures New $1.25B Revolving Credit Facility
AI Summary
Jackson Financial Inc. has entered into a new Revolving Credit Agreement for $1.25 billion with a syndicate of banks, replacing its previous $1 billion facility. The new agreement, which terminates on June 30, 2031, provides for working capital and general corporate purposes, including a $500 million sub-limit for letters of credit. The company also has the option to increase commitments by an additional $500 million, enhancing its financial flexibility and liquidity.
Key Highlights
- Entered into a new Revolving Credit Agreement for $1.25 billion.
- Includes a sub-limit of $500 million available for letters of credit.
- Ability to request an increase in commitments by up to an additional $500 million.
- Interest margin ranges from 1.125% to 1.875% for Term SOFR Rate borrowings.
- Commitments under the agreement terminate on June 30, 2031, with two one-year extension options.
- Replaces the Company's existing $1 billion unsecured revolving credit agreement from February 24, 2023.
- Financial covenants include a minimum adjusted consolidated net worth test and a maximum 35% consolidated indebtedness to total capitalization ratio.
Price Impact
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