Enstar, Cavello Bay lift letter-of-credit facility to $760 million

By Wendy Van Sickle

Columbus, Ohio, Dec. 11 – Enstar Group Ltd. and its and its wholly owned subsidiary Cavello Bay Reinsurance Ltd. amended their letter-of-credit agreement dated Aug. 5 with National Australia Bank Ltd., London Branch as administrative agent on Monday to increase the facility amount by $160 million to $760 million.

Cavello has the option to increase the facility by an additional $40 million, according to an 8-K filing with the Securities and Exchange Commission.

Cavello Bay intends to use the increased commitments to provide letters of credit in support of some of its reinsurance obligations in the ordinary course of business.

National Australia Bank Ltd. and Bank of Nova Scotia are joint bookrunners, joint lead arrangers and syndication agents.

Enstar is a Hamilton, Bermuda-based insurance provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.