United Fire closes $100 million four-year unsecured revolver

By Aleesia Forni

Columbus, Ohio, Dec. 23 - United Fire & Casualty Co. entered into a $100 million four-year unsecured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Pricing on the revolver ranges from Libor plus 150 basis points to 225 bps, based on the company's credit rating.

Commitment fees range from 20 bps to 30 bps.

The facility includes a $20 million letter-of-credit subfacility and a $5 million swingline subfacility.

The company may increase the facility by up to $25 million.

The facility is available for general corporate purposes, and the maturity date is Dec. 22, 2015.

This new facility replaces the company's existing $50 million revolver.

KeyBank NA is administrative agent, lead arranger, bookrunner, swingline lender and letter-of-credit issuer.

Bankers Trust Co. is syndication agent.

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