Validus Reinsurance has entered into syndicated credit agreements aggregating $300 million with a syndicate of lenders.
The agreements consist of a $100 million Senior Unsecured 364-Day Revolving Credit Facility and a $200 million Senior Secured Three-Year Letter of Credit Facility.
The Letter of Credit Facility is secured by cash and eligible securities of the Company or its subsidiaries. JP Morgan Securities and Deutsche Bank Securities acted as joint lead arrangers and joint bookrunners for the facilities while Bank of America, The Bank of New York and Wachovia Bank, National Association, acted as co-documentation agents.
Edward Noonan, chairman and chief executive of Validus, said: “We are extremely pleased with the quality and calibre of the banks that participated in the syndication. We firmly believe that their commitments to Validus are a further testament to our goal of establishing a long-term franchise in the global reinsurance market. This facility is yet another tool that we can use to effectively service our client base.”
