Panther Re $216 million credit facility to launch Tuesday

By Sara Rosenberg

New York, Oct. 23 - Panther Re is scheduled to hold a bank meeting on Tuesday to launch its proposed $216 million four-year credit facility, according to a market source.

Goldman Sachs is the lead bank on the deal.

The facility consists of a $72 million tranche A talked at Libor plus 250 basis points and a $144 million tranche B talked at Libor plus 450 bps with 101 call protection for one year, the source said.

Proceeds will be used for reinsurance financing.

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