CNA Financial enters $250 million unsecured revolving credit facility

By Jennifer Chiou

New York, April 19 - CNA Financial Corp. entered into a $250 million senior unsecured revolving credit facility with Wells Fargo Securities, LLC and J.P. Morgan Securities LLC as joint lead arrangers and joint bookrunners, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Bank, NA acted as the administrative agent with JPMorgan Chase Bank, NA as syndication agent and Citibank, NA, U.S. Bank NA and Northern Trust Co. as co-documentation agents.

Commitments may be increased by up to an additional $100 million.

The credit agreement has two one-year extension options.

The filing stated that the agreement includes covenants regarding maintenance of a minimum consolidated net worth and a specified ratio of consolidated debt to consolidated total capitalization.

Proceeds from the four-year facility are intended for general corporate purposes.

The insurance company is based in Chicago.

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