Universal Insurance Holdings, Inc. - Senior Unsecured Notes Due 2031

Universal Insurance Holdings, Inc. has entered into Note Purchase Agreements for the issuance and sale of $100 million of 7.75% Senior Unsecured Notes due 2031. The proceeds will be used for general corporate purposes, including the redemption of outstanding 5.625% Senior Notes due 2026. The notes were issued in a private placement and are subject to registration rights agreements. The indenture governing the notes includes financial covenants related to maintaining cash on hand, debt-to-capitalization ratio, and limitations on incurring additional secured debt. Events of default are outlined, which could lead to acceleration of obligations and a restriction on dividend payments. The company also issued a notice of conditional redemption for its 2026 Notes, which was completed following the successful private placement of the 2031 Notes.