RenaissanceRe restates LoC facility, lifts amount to $290 million

By Wendy Van Sickle

Columbus, Ohio, Nov. 12 – Renaissance Reinsurance Ltd. entered into a letter of credit facility that amends and restates a letter of credit reimbursement agreement, dated as of Nov. 23, 2015, according to an 8-K filing with the Securities and Exchange Commission.

The amended and restated reimbursement agreement is effective Nov. 7.

The new reimbursement agreement increases the letter of credit to $290 million from $255 million.

If there is no existing default, the company may from time to time request that the letter of credit be amended to increase the stated amount or that a new letter of credit be issued, subject to a cap of $140 million for all such increases or issuances.

The facility terminates four years from the date of notice from agent ING Bank NV, London Branch to the beneficiary of the letters of credit issued under the facility, which notice is required to be given not later than Dec. 31.

ING is the bookrunner and is a lead arranger along with BMO Capital Markets Corp. and Citibank Europe plc.

RenaissanceRe is a Hamilton, Bermuda-based reinsurance company.

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