Tower Group repays, cancels $70 million credit facility led by BofA

By Marisa Wong

Madison, Wis., Dec. 18 - Tower Group International, Ltd.'s wholly owned subsidiary, Tower Group, Inc., paid in full and terminated the $70 million outstanding on its credit facility led by Bank of America, NA, according to an 8-K filing with the Securities and Exchange Commission.

The paydown was funded with proceeds from a stock sale.

Tower sold all of its shares of capital stock of Canopius Group Ltd. to an investment fund managed by Bregal Capital LLP for an initial purchase price of $69.7 million, along with an additional cash payment.

Tower Group is a New York-based provider of commercial, personal and specialty property and casualty insurance products and services.

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