Reinsurance Group of America gets $850 million revolver due 2023

By Wendy Van Sickle

Columbus, Ohio, Aug. 22 – Reinsurance Group of America, Inc. entered into an $850 million revolving credit facility due Aug. 21, 2023 on Tuesday, according to an 8-K filed with the Securities and Exchange Commission.

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, Hong Kong dollars, Japanese yen or Canadian dollars.

The facility has a $150 million accordion feature.

The interest rate is Libor plus 90 basis points to 140 bps, and the facility fee is 10 bps to 22.5 bps. Both depend on the company's debt ratings.

U.S. Bank NA, Wells Fargo Securities, LLC, Bank of America Merrill Lynch and JPMorgan Chase Bank, NA acted as lead arrangers and joint bookrunners.

U.S. Bank is the administrative agent. Bank of America, NA, JPMorgan Chase and Wells Fargo Bank, NA are the syndication agents. MUFG Bank, Barclays Bank plc, HSBC Bank USA, NA, KeyBank NA, Mizuho Bank, Ltd., Royal Bank of Canada and Sumitomo Mitsui Banking Corp. are the documentation agents.

The revolver replaces the company’s $850 million revolving credit facility due Sept. 25, 2019. On Aug. 20, the company had no borrowings outstanding and about $18.3 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.

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