Seattle-based SAFECO has set up a $500 million three-year revolving credit facility which will expire in Sept. of 2005.
The new facility replaces an $800 million credit facility that provided liquidity for SAFECO’s $300 million commercial paper program as well as working capital for general corporate purposes. SAFECO has paid down and closed its commercial paper program through proceeds from its recent bond issuance.
Bank of America N.A. is acting as administrative agent on the credit facility.
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