Triple-S Management Corp. entered into a credit agreement with FirstBank Puerto Rico to borrow about $35.5 million.

The loan is made up of three term loans, one that maures in October 2023 and two that mature in January 2024. The company will pay an annual interest rate of 1% over LIBOR for the first term loan, 2.75% over LIBOR for the second and 3.25% over LIBOR for the third.

The loans are secured by Triple-S mortgages, and the company anticipates it will use the loan's proceeds to refinance an existing credit faciility with FirstBank. The proceeds also will be used to prepay the outstanding principal amount and interest on the company's 6.70% senior unsecured notes due January 2021 and to fund part of a debt service reserve for the loan.