Quanta Capital Holdings Ltd. announced that it has entered into a new credit facility with ING Bank N.V., London Branch, as Mandated Lead Arranger, and a syndicate of lenders.
“The primary use of the new facility is to support the issuance of letters of credit securing Quanta’s obligations to pay claims under its remaining reinsurance contracts and other obligations,” said the announcement. “These letters of credit will, over time, replace letters of credit previously issued under the Company’s credit facility with JPMorgan Chase Bank, NA., after which time this facility will be terminated. In the interim, Quanta amended the terms of its JPMorgan Chase facility to permanently waive the default under that facility due to Quanta’s ratings downgrade earlier this year.”
Was this article valuable?
Here are more articles you may enjoy.
Insurance Covers Settlement Paid by Stocks Instead of Money: Delaware High Court 
Death at Universal’s Orlando Resort Roller Coaster Ruled Accidental 
Fifth La Niña in Six Years to Disrupt Crops and Supply Chains 
Hacking Group ‘ShinyHunters’ Claims Theft of Data From Users of Pornhub 
