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PGR > SEC Filings for PGR > Form 8-K on 25-Mar-2014All Recent SEC Filings

Show all filings for PROGRESSIVE CORP/OH/



Entry into a Material Definitive Agreement, Financial Statements and Exhibit

Item 1.01 Entry into a Material Definitive Agreement.

On March 24, 2014, The Progressive Corporation (the "Company") renewed its unsecured, discretionary line of credit (the "Line of Credit") with PNC Bank, National Association ("PNC") in the principal amount of $100 million. The prior line of credit, which was reported on a Form 8-K dated March 27, 2013, has expired.

The Line of Credit is on substantially the same terms and conditions as the prior line of credit. Subject to the terms and conditions of the loan documents, advances under the Line of Credit (if any) 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 of the Line of Credit. Prepayments are permitted without penalty. All advances under the Line of Credit are subject to PNC's discretion. Copies of the Confirmation Letter-Discretionary Line of Credit and the Discretionary Line of Credit Note are attached hereto as Exhibits 4.1 and 4.2, respectively.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

See exhibit index on page 4.

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