Progressive closes $100 million one-year line of credit with PNC Bank

By Susanna Moon

Chicago, March 25 - Progressive Corp. renewed its unsecured, discretionary line of credit Monday for a principal amount of $100 million with PNC Bank, NA, according to an 8-K filing with the Securities and Exchange Commission.

The line of credit is on substantially the same terms and conditions as the prior line of credit, the company said.

Advances under the line of credit will bear interest at a variable rate equal to the higher of PNC's Prime rate and the sum of the Federal Funds Open rate plus 50 basis points.

Each advance must be repaid on the 30th day after the date of the advance or, if earlier, March 25, 2015, the expiration date.

Prepayments are permitted without penalty.

Progressive is a Mayfield Village, Ohio-based holding company. The Progressive Group of Insurance Cos. is an auto insurance group.

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