The Bermuda-based Max Capital Group Ltd. announced that on August 7, 2007, Max Capital and its Bermuda operating company, Max Bermuda Ltd. “entered into a credit agreement with Bank of America, N.A. (“BOA”), as fronting bank, as administrative agent, and as letter of credit administrator for the lenders” to refinance some $600 million in debt.
Other financial institutions participating include: Citibank, N.A., ING Bank N.V., Wachovia Bank, National Association, The Bank of New York, Webster Bank, National Association, and Credit Suisse, Cayman Islands Branch.
They will issue a “$450 million five-year senior secured credit facility for letters of credit to be issued for the account of Max Bermuda and certain of its insurance subsidiaries and a $150 million five-year unsecured senior credit facility for letters of credit to be issued for the account of Max Bermuda and certain of its insurance subsidiaries and loans to Max Bermuda and Max Capital,” said the bulletin. It also noted that “subject to certain conditions, at the request of Max Bermuda the aggregate commitments of the lenders under the facility may be increased up to a total of $800 million.”
The new “facility replaces Max Capital’s and Max Bermuda’s credit agreement with BOA and various financial institutions dated as of June 1, 2005,” Max Cap explained.
Chairman and CEO W. Marston Becker commented: “We appreciate our relationships with these lenders and value the financial flexibility, liquidity and letter of credit capacity that this facility provides to Max.”
Source: Max Capital
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