| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for Reinsurance Group of America, Inc. > News item |
Reinsurance Group of America gets $850 million revolver due 2015
By Angela McDaniels
Tacoma, Wash., Dec. 20 - Reinsurance Group of America, Inc. entered into an $850 million revolving credit facility due Dec. 15, 2015 on Thursday, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.
The company may borrow and may obtain letters of credit for general corporate purposes for itself or its subsidiaries in dollars, euros, British pounds sterling, Japanese yen or Canadian dollars.
The facility has a $150 million accordion feature and a $25 million sublimit for swingline loans.
The interest rate is Libor plus 90 basis points to 157.5 bps, and the facility fee is 10 bps to 30 bps. Both depend on the company's debt ratings.
Wells Fargo Bank, NA is the administrative agent. Bank of America, NA and JPMorgan Chase Bank, NA are the syndication agents. The Bank of Tokyo-Mitsubishi UFJ, Ltd., Barclays Bank plc, Mizuho Corporate Bank, Ltd. and U.S. Bank, NA are the documentation agents. Wells Fargo Securities, LLC, Bank of America Merrill Lynch and J.P. Morgan Securities LLC acted as lead arrangers and joint bookrunners.
The credit agreement includes financial covenants that require the company to maintain a minimum consolidated net worth and limit the company's ratio of consolidated debt to total capitalization to 35% or less. The agreement contains restrictions related to, among other things, debt, guarantees, liens, asset dispositions, mergers or consolidation and the issuance and disposition of stock of certain subsidiaries.
The revolver replaces the company's $750 million revolving credit facility due Sept. 24, 2012. On Dec. 15, the company had no borrowings outstanding and about $148 million of letters of credit issued under the old revolver. Those letters of credit were either canceled or replaced with letters of credit issued under the new revolver.
The Chesterfield, Mo.-based company provides reinsurance products through its subsidiaries.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.