NMI Holdings Inc. completed the refinancing of its existing senior secured term loan with a new five-year $150 million senior secured term loan.
The term loan will bear interest at a per annum rate for London Interbank Offered Rate based loans equal to LIBOR plus 4.75%.
The company also entered into a three-year, $85 million senior secured revolving credit facility.
Borrowings under the revolving credit facility may be used for general corporate purposes, including capital contributions to the company's insurance subsidiaries.
J.P. Morgan, RBC Capital Markets and SunTrust Robinson Humphrey Inc. served as joint lead arrangers and joint bookrunners for the transactions.
