Greenlight Capital Re says Citibank Europe will end LoC commitment

By Mary-Katherine Stinson

Lexington, Ky., April 18 – Greenlight Capital Re, Ltd. said that Citibank Europe plc will end its commitment under direct subsidiary Greenlight Reinsurance, Ltd.’s $275 million letter-of-credit facility agreement, according to an 8-K filing with the Securities and Exchange Commission.

The written notice was received on April 12.

Citi’s commitment under the facility will terminate on Aug. 20.

Greenlight Capital said it does not intend to replace the facility immediately, as Citi has indicated it will provide a $275 million facility on an uncommitted basis following the termination date, and Greenlight Reinsurance had entered into a $200 million committed letter-of-credit facility with CIBC Bank USA on Dec. 22.

Greenlight Capital is a property and casualty reinsurer based in Grand Cayman, Cayman Islands.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.