Mount Logan Capital expands corporate credit facility

Mount Logan Capital (PYCFF) announced that its wholly-owned subsidiary, MLC US Holdings, as Borrower, has entered into an amendment to its existing credit agreement to upsize the facility by approximately $13M, while amending the facility to, among other things, incorporate a pricing step-down mechanism as the business continues to perform, which is expected to reduce Mount Logan’s cost of debt. The Fourth Amendment also provides for additional distribution capacity from MLC US Holdings to Mount Logan to support key business initiatives. The net new proceeds will enable Mount Logan to further invest in its two key business segments. Proceeds will also be used for general corporate purposes and paying related transaction fees and expenses. The outstanding principal amount and accrued but unpaid interest in respect of the credit facility will become payable on August 20, 2027, subject to certain adjustments pursuant to the credit agreement. As collateral security for its obligations under the Credit Agreement, MLC US Holdings has granted in favour of the lenders a security interest in all of the assets of MLC US Holdings. In addition, Mount Logan has guaranteed the obligations of MLC US Holdings under the Credit Agreement in favour of the lender. MLC US Holdings is the holding company for Mount Logan’s US asset management business.