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Arch Capital ups facility to $530 million, extends by one year
By William Gullotti
Buffalo, N.Y., Oct. 30 – Arch Capital Group Ltd. and wholly owned subsidiary Arch Reinsurance Ltd. entered into a third amendment and joinder to its letter-of-credit facility with Lloyds Bank Corporate Markets plc as administrative agent on Oct. 25, according to an 8-K filing with the Securities and Exchange Commission.
The amendment and joinder upsized the facility to $530 million from $400 million and extended the last day of the availability period to May 31, 2024 from May 31, 2023.
The full $530 million face amount of letters of credit had been issued at signing.
Similar to the $175 million letter-of-credit facility agreement the companies entered Sept. 27 with the same administrative agent, Arch Reinsurance is required to maintain a financial strength rating of at least B++ by A.M. Best Co., Inc. or BBB+ from Standard & Poor’s Financial Services LLC. In addition, Arch Reinsurance may not permit Arch Capital to exceed a maximum consolidated leverage ratio, and Arch Reinsurance is required to comply with a minimum consolidated tangible net worth covenant.
Arch Capital is an insurance, reinsurance and mortgage insurance provider based in Hamilton, Bermuda.
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