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Kemper completes $550M credit agreement to fund Infinity Property & Casualty bid

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Kemper completes $550M credit agreement to fund Infinity Property & Casualty bid

Kemper Corp. completed a new $550 million credit agreement, which includes both revolving credit and term loan facilities.

The agreement consists of a $300 million, five-year revolving credit facility and $250 million, two-year delayed-draw term loan facility. The new credit facility replaces the current $225 million five-year credit facility scheduled to mature in June 2020. The agreement also features a $100 million accordion feature shared between the two facilities.

The new credit agreement also extends the final maturity date for the revolving credit facility by three years to June 2023.

The agreement provides available financing for the company's pending acquisition of Infinity Property & Casualty Corp. as well as future financial flexibility, it said.

JPMorgan Chase Bank NA served as administrative agent and syndication agent. Bank of America NA and Wells Fargo Bank NA also served as syndication agents for the new credit agreement. Additionally, JPMorgan Chase Bank NA, Merrill Lynch Pierce Fenner & Smith Inc. and Wells Fargo Securities LLC served as joint book runners and joint lead arrangers.