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Tower Group Amends Credit Facility With Bank of America, Others

October 15, 2013, 07:05 AM
Filed Under: Industry News

On October 11, 2013, Tower Group International, Ltd. and Tower Group, Inc., entered into a Fifth Amendment Agreement to the Amended and Restated Credit Facility Agreement, dated as of February 15, 2012, as amended by the First Amendment to Credit Agreement, dated as of June 22, 2012, as amended by the Second Amendment to Credit Agreement and Consent, dated November 26, 2012, as amended by the Letter Agreement, dated as of January 23, 2013, as amended by the Limited Waiver and Amendment, dated as of March 3, 2013, and as amended by the Fourth Amendment Agreement and Waiver, dated as of April 3, 2013 (as so amended, the “Credit Agreement”), with the various financial institution parties named therein as lenders (the “Lenders”) and Bank of America, N.A., as Administrative Agent, Fronting Bank and L/C Administrator.

Pursuant to the Fifth Amendment, the required percentage of the Lenders has agreed to waive the company’s non-compliance with certain covenants in the credit agreement regarding the company’s delivery of certain financial statements and related compliance certificates to the Lenders. Pursuant to the Fifth Amendment, the parties thereto also agreed to amend certain indebtedness covenants.

To view the SEC filing, click here.

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