Fairfax Financial Holdings Limited announced that the syndicated secured revolving letter of credit facility, entered into by a wholly-owned subsidiary in December 2003, has been increased from U.S. $300 million to U.S.$450 million.
“The facility is syndicated with 11 banks and is used to provide NAIC-eligible letters of credit for reinsurance contracts of nSpire Re provided for the benefit of other Fairfax subsidiaries,” said the announcement. “BMO Nesbitt Burns, Inc. acted as Lead Arranger in connection with the increase of this facility.”
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