Bermuda-based speciality lines insurance and treaty reinsurance provider AXIS Capital Holdings has entered into a $750m credit agreement with a syndicate of lenders.
It said the renewal agreement was an unsecured three-year facility that allowed the company to issue up to $750m in letters of credit and borrow up to $300m for general corporate purposes, with utilisation capped at $750m.
JP Morgan Securities acted as lead arranger and bookrunner. Barclays Bank acted as syndication agent and Citibank, HSBC Bank USA, ING Bank and Wachovia Bank acted as co-documentation agents, said AXIS Capital.
AXIS Capital president and chief executive John Charman said: “We are extremely pleased that our prestigious banking group partners have agreed to support the longer term strategic goals of AXIS Capital by not only renewing, but substantially increasing, their commitment to us.
“This facility represents an important part of the strong security chain that AXIS delivers to its clients and is an essential ingredient in the management of its capital.”
