Flagstone enters $200 million multicurrency letter of credit facility

By Aleesia Forni

Columbus, Ohio, Sept. 6 - Flagstone Reinsurance Holdings, SA entered into a $200 million secured committed multicurrency letter of credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Barclays Bank plc is the issuing bank.

The letters of credit have a maximum tenor of 15 months or 24 months for those in Australian dollars.

After Dec. 31, 2012, no letters of credit may be issued unless the facility has been extended or renewed.

The letter of credit fee is 45 basis points.

The facility will help fund the reinsurance obligations of the company and its subsidiaries.

Flagstone is a Bermuda-based insurance and reinsurance company.

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