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Enstar taps term facility to fund 50% of Companion Property buy
By Toni Weeks
San Luis Obispo, Calif., Jan. 27 – Enstar Group Ltd. subsidiary Sussex Holdings, Inc. completed the $218 million acquisition of Companion Property and Casualty Insurance Co. from Blue Cross and Blue Shield of South Carolina on Tuesday, funding 50% of the transaction with bank debt, according to a press release.
As previously reported, Sussex entered into a term facility agreement on Dec. 24 with lenders National Australia Bank Ltd. and Barclays Bank plc, which provided for a term loan facility due Dec. 24, 2018 from which Sussex was permitted to borrow up to a total of $109 million.
Borrowings were used to fund half of the purchase price of the acquisition. The company financed the remaining 50% with cash on hand, the release said.
Enstar is a Hamilton, Bermuda-based acquirer and manager of diversified insurance businesses. Companion is a Columbia, S.C.-based insurance group writing property, casualty, specialty and workers compensation business, and has also provided fronting and third party administrative services.
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