Fairfax increases letter of credit facility

Pittsburgh, May 26 - Fairfax Financial Holdings Ltd., announced Wednesday that it increased its syndicated secured revolving letter of credit facility to $450 million from $300 million.

Fairfax, Toronto financial services company, obtained the facility in December 2003.

The facility is syndicated with 11 banks. BMO Nesbitt Burns Inc. was lead arranger for the increase.

Fairfax uses the facility to provide NAIC-eligible letters of credit for reinsurance contracts of nSpire Re, provided for the benefit of other Fairfax subsidiaries.

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