Root Announces Successful Refinancing of Term Loan Facility with BlackRock
Root, Inc. (ROOT)
Company Research
Source: GlobeNewswire
COLUMBUS, Ohio, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Root, Inc. (NASDAQ: ROOT), the parent company of Root Insurance Company, today announced the successful refinancing of its term loan facility with funds and accounts managed by BlackRock Capital Investment Advisors, LLC and its affiliates (collectively, “BlackRock”). These improved terms in the long-standing relationship enhance Root’s financial flexibility and significantly improve its cost of capital. The amended facility consists of a six-year term loan with a principal amount of $200 million, reducing the previous facility by $100 million. The amended facility, effective on October 29th, will carry an interest rate of 3-month term SOFR plus 600 basis points with performance-based step-downs, reflecting a reduction of at least 300 basis points from the prior term loan. Root maintains $150 million of available capital, net of financial covenants under the amended facility, consistent with the prior facility. “We are excited to co
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News
- Root, Inc. (NASDAQ: ROOT) had its "outperform" rating re-affirmed by analysts at Keefe, Bruyette & Woods. They now have a $90.00 price target on the stock, up previously from $82.00.MarketBeat
- Root, Inc. (NASDAQ: ROOT) had its price target raised by analysts at UBS Group AG from $61.00 to $67.00. They now have a "neutral" rating on the stock.MarketBeat
- Root, Inc. (NASDAQ: ROOT) had its price target raised by analysts at Wells Fargo & Company from $64.00 to $78.00. They now have an "equal weight" rating on the stock.MarketBeat
- Root, Inc. (ROOT) Hit a 52 Week High, Can the Run Continue? [Yahoo! Finance]Yahoo! Finance
- Root, Inc. Has Entered The World Of Profits (Rating Upgrade) [Seeking Alpha]Seeking Alpha
ROOT
Earnings
- 10/30/24 - Beat
ROOT
Sec Filings
- 11/15/24 - Form 8-K
- 11/14/24 - Form SC
- 11/14/24 - Form SC
- ROOT's page on the SEC website