RenaissanceRe lifts credit facility to $250 million, adding new lender

By Marisa Wong

Madison, Wis., May 24 - RenaissanceRe Holdings Ltd. amended its credit agreement dated May 17, 2012 with Wells Fargo Bank, NA as fronting bank, letter-of-credit administrator and administrative agent to increase total commitments to $250 million and add another bank as a lender, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, effective as of May 23, also eliminates the lenders' commitment to issue letters of credit.

The company has the option to increase the size of the amended facility up to $350 million, the filing noted.

The credit agreement previously provided for $150 million of commitments, including the issuance of letters of credit, and the facility could be increased up to $250 million.

As of May 23, no amounts have been drawn under the facility.

RenaissanceRe is a Pembroke, Bermuda-based reinsurer.

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