AXIS gets $250 million four-year facility at Libor plus 112.5-200 bps

By Susanna Moon

Chicago, April 1 - AXIS Capital Holdings Ltd. closed a $250 million four-year senior unsecured credit facility at a rate of 112.5 basis points to 200 bps based on the company's debt ratings.

The company entered into a credit agreement on March 26 with Wells Fargo Securities, LLC as lead arranger and book manager and Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The facility will mature in March 2017, and the loan size may be increased by up to $150 million after closing.

The loans will be used for working capital and general corporate purposes and for standby letters of credit for the account of some of the borrowers in favor of third-party beneficiaries to support obligations relating to reinsurance liabilities and other general corporate purposes.

The company will guarantee all obligations of the borrowers.

The facility replaces, in part, the company's 2010 unsecured credit facility, which was terminated concurrently with the closing of the facility.

Bank of Montreal, Chicago Branch, Citibank, NA, HSBC Bank USA, NA, Lloyds Securities, Inc. and Bank of New York Mellon are the co-documentation agents.

The company is a Pembroke, Bermuda-based provider of specialty lines insurance and treaty reinsurance.

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