RenaissanceRe extends $180 million letter-of-credit facility

By Marisa Wong

Morgantown, W.Va., Nov. 9 – RenaissanceRe Holdings Ltd. subsidiary Renaissance Reinsurance Ltd. entered into an amendment on Nov. 5 to its letter-of-credit reimbursement agreement dated Nov. 23, 2015 to extend the term of its $180 million secured letter-of-credit facility, according to an 8-K filed Monday with the Securities and Exchange Commission.

The term of the facility was extended until the date that is four years from the date of notice from agent ING Bank NV, London Branch to the beneficiary of the letters of credit. This notice is required to be given no later than Dec. 31, unless all of the lenders consent to an extension. Notice was previously required to be given by Dec. 31, 2017.

Bank of Montreal, London Branch, Citibank Europe plc and ING are lenders under the facility.

RenaissanceRe Holdings is a reinsurance company based in Pembroke, Bermuda.

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