Greenlight Capital Re Ltd.

04/18/2024 | Press release | Distributed by Public on 04/18/2024 05:07

Termination of Material Agreement - Form 8-K

Item 1.02. Termination of a Material Definitive Agreement.


On April 12, 2024, Greenlight Capital Re, Ltd. (the "Registrant") received written notice (the "Notice") from Citibank Europe plc ("Citi") of its decision to terminate its commitment under the $275,000,000 letter of credit facility agreement, between the Registrant's subsidiary Greenlight Reinsurance, Ltd. ("Greenlight Reinsurance") and Citi, dated August 20, 2010, as amended (the "Facility"). Citi's decision to terminate its commitment under the Facility was made according to either party's right to terminate the Facility without cause if either party delivers a written notice of cancellation to the other party at least 120 days prior to the then effective termination date. Pursuant to the terms of the Facility and the Notice, Citi's commitment under the Facility will terminate on August 20, 2024 (the "Termination Date").

The Registrant does not intend to replace the Facility immediately since: (i) Citi has informed the Registrant that it intends to provide a $275 million facility on an uncommitted basis for the foreseeable future following the Termination Date, and (ii) Greenlight Reinsurance entered into a $200 million committed letter of credit facility with CIBC Bank USA in December 2023, as disclosed in the Registrant's Form 8-K filed on December 27, 2023.