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 Insurance Expands to Minnesota, Offering Personalized, Driver-Based RatesGlobeNewswire
- Root, Inc.'s (NASDAQ:ROOT) institutional investors lost 17% over the past week but have profited from longer-term gains [Yahoo! Finance]Yahoo! Finance
- Root (ROOT) Could Find a Support Soon, Here's Why You Should Buy the Stock Now [Yahoo! Finance]Yahoo! Finance
- Root, Inc. (NASDAQ: ROOT) was downgraded by analysts at Citizens Jmp from a "strong-buy" rating to a "hold" rating.MarketBeat
- Root, Inc. (NASDAQ: ROOT) was downgraded by analysts at JMP Securities from an "outperform" rating to a "market perform" rating.MarketBeat
ROOT
Earnings
- 10/30/24 - Beat
ROOT
Sec Filings
- 12/18/24 - Form 4
- 12/18/24 - Form 4
- 12/16/24 - Form 4
- ROOT's page on the SEC website