Assurant enters $400 million five-year replacement revolver

By Marisa Wong

Madison, Wis., Sept. 18 – Assurant, Inc. entered into a five-year unsecured $400 million revolving credit agreement on Sept. 16 with JPMorgan Chase Bank, NA as administrative agent and Wells Fargo Bank, NA as syndication agent, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement, which expires in September 2019, provides for revolving loans and the issuance of multi-bank, syndicated letters of credit or letters of credit from a sole issuing bank in an aggregate amount of $400 million.

The company may increase the total amount available under the credit agreement to $525 million.

Proceeds may be used to backstop the company’s commercial paper program and for other general corporate purposes.

The credit agreement replaces the company’s prior four-year $350 million revolving credit facility entered into on Sept. 21, 2011. The prior revolver was scheduled to expire in September 2015 but was terminated upon closing of the new facility.

The specialized insurance company is based in New York.

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