RenaissanceRe extends letter-of-credit facility, trims to $225 million

By Wendy Van Sickle

Columbus, Ohio, Nov. 2 – RenaissanceRe Holdings Ltd. entered into a fourth amendment to its amended and restated credit agreement on Oct. 31 with ING Bank NV, London Branch as agent, which reduced the letter-of-credit facility thereunder to $225 million from $275 million, according to an 8-K filing with the Securities and Exchange Commission.

Additionally, the term was extended until the date that is four years from the date of notice from ING to the beneficiary of the letters of credit, which is required to be given not later than Dec. 31, and a new provision was added to provide customary rights and obligations to the agent and the lenders should an erroneous payment occur.

RenaissanceRe is a Pembroke, Bermuda-based property catastrophe reinsurer.

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