Global insurance broker Willis Group Holdings announced that it has entered into a new $300 million five-year revolving credit facility. “Drawdowns under this facility will bear interest at an initial rate of LIBOR plus 45 basis points, subject to adjustments based on future changes in the Company’s credit agency ratings,” said the bulletin.
“This new facility completes the replacement of the Company’s bank loan agreement entered into in December 2003, which had included both a revolving loan facility and a term loan facility,” the announcement continued. “The term loans were repaid in July 2005 from the proceeds of the Company’s $600 million public bond issue. The new facility replaces the $150 million revolving credit facility under the previous agreement. The new facility was provided by a group of fourteen financial institutions led by Banc of America Securities Limited and The Royal Bank of Scotland plc.”