July 27, 2017 12:04 PM ET

Insurance

Company Overview of T.B.A. Insurance Group, Limited

Company Overview

T.B.A. Insurance Group, Limited operates as an insurance broker. The company was founded in 1993 and is based in Fort Worth, Texas.

8200 Anderson Boulevard

Fort Worth, TX 76120

United States

Founded in 1993

Phone:

800-877-4567

Key Executives for T.B.A. Insurance Group, Limited

T.B.A. Insurance Group, Limited does not have any Key Executives recorded.

T.B.A. Insurance Group, Limited Key Developments

T.B.A. Insurance Group, Ltd. Enters into Loan Agreement with Frost Bank

On March 31, 2016, State National Companies Inc., through its subsidiary T.B.A. Insurance Group Ltd. (TBA), entered into a loan agreement with Frost Bank, as lender, which provides for a secured revolving credit facility in an aggregate principal amount of $15,000,000. The agreement matures on April 30, 2018. Under the agreement, TBA may request advances up to the aggregate amount of the unused commitment under the credit facility, on a revolving basis, prior to the maturity of the agreement. Borrowings under the agreement will bear interest at a variable rate equal to The Wall Street Journal LIBOR plus 1.85% per annum; provided, however, that The Wall Street Journal LIBOR shall be subject to a floor of 0.15%. TBA shall also pay a commitment fee to Frost on the daily average unused commitment amount for the period running from the closing date to the maturity date at a rate of 0.25% per annum. The agreement contains customary representations, warranties, covenants, and events of default, as well as a financial covenant requiring TBA and the Company to maintain a consolidated tangible net worth of at least $150 million. TBA's obligations under the Agreement are guaranteed by the company and are secured by a securities account in the name of TBA and maintained with Frost, in which TBA must maintain assets with a market value of at least $25 million. TBA expects to use the proceeds of any borrowings under the Agreement as needed to provide short term liquidity and to minimize the need to carry large cash balances to protect against various contingencies.

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Recent Private Companies Transactions

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