North Pointe Holdings Corp. recently announced that it has renegotiated and extended its existing credit facility. The three-year revolving credit facility now provides for borrowings of up to $25 million. The new agreement is with a syndicate led by Comerica Bank and includes JPMorgan Chase Bank, N.A. and Fifth Third Bank, and will be available for working capital and expansion opportunities.
“We are pleased to have increased and extended our bank facility,”
stated James Petcoff, chairman and chief executive officer. “It provides
North Pointe with enhanced liquidity to pursue growth opportunities.
The facility is an integral part of the Company’s long-term strategy to expand its operations through organic growth and acquisition in an opportunistic fashion, and continue to strengthen the financial position of its underlying insurance company subsidiaries.”
North Pointe Holdings is a property and casualty insurer that markets
both specialty commercial and personal insurance products. With a focus on owner-operated businesses, the company identifies itself as the nation’s largest insurer of independent bowling centers and the largest insurer of liquor liability insurance in Michigan.
Source: North Pointe Holdings Corp.
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