Alterra extends £60 million commitment period for loans to Lloyd's

By Susanna Moon

Chicago, Dec. 23 - Alterra Capital UK Ltd., a wholly owned subsidiary of Alterra Capital Holdings Ltd., extended the commitment period for its £60 million credit facility to June 30, 2012, according to an 8-K filing with the Securities and Exchange Commission.

The company also extended the date by which the issuing bank may give notice of termination of a letter of credit.

Alterra amended the credit agreement with ING Bank NV, London Branch as agent, issuing bank and security trustee.

Proceeds will be used for the issuance of letters of credit to provide funds at Lloyd's to support Lloyd's syndicate commitments.

The issuing bank may, at any time through June 30, 2012, serve notice on Lloyd's giving four years notice of termination of a letter of credit.

The insurance products provider is based in Hamilton, Bermuda.

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