Aspen Insurance subsidiaries extend letter-of-credit facility to 2015

By Angela McDaniels

Tacoma, Wash., Feb. 1 - Two Aspen Insurance Holdings Ltd. subsidiaries extended their secured letter-of-credit facility to Jan. 31, 2015 from Dec. 31, 2013, according to an 8-K filing with the Securities and Exchange Commission.

Aspen Bermuda Ltd. and Aspen Insurance UK Ltd. made the amendment on Friday to their facility with Barclays Bank plc.

Among other changes, the amendment also

• Permits the issuance of letters of credit with expiry dates up to one year following the maturity date;

• Reduces the commitment fee to 20 basis points from 21.25 bps; and

• Changes the list of securities that may be pledged and the related advance rates.

The subsidiaries paid a $100,000 arrangement fee in connection with the amendment.

Aspen Insurance is an insurance and reinsurance company based in Hamilton, Bermuda.

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