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Mercury General enters credit agreement

Mercury General Corp. entered into a revolving credit agreement that provides up to $50 million of loans.

The company entered the agreement with Bank of America NA, as administrative agent, and other lenders.

The credit agreement bears interest at either an annual rate equal to LIBOR plus an additional percentage between 1.125% and 1.625% or a fluctuating rate per annum equal to the highest of the Federal Funds rate plus 0.50%, Bank of America's prime rate and LIBOR plus 1.00%, plus an additional percentage between 0.125% and 0.625% in each case. The agreement matures March 29, 2022.