Core Specialty Insurance obtains new $300 million three-year revolver

By Wendy Van Sickle

Columbus, Ohio, Oct. 13 – Core Specialty Insurance Holdings, Inc. and its subsidiaries entered into a new three-year credit agreement providing for a $300 million unsecured revolver with a $100 million accordion feature, according to a news release.

BMO Harris Bank NA is the administrative agent.

Borrowings bear interest at Libor plus a margin ranging from 100 basis points to 150 bps, depending on the company’s A.M. Best rating.

The credit facility matures on Oct. 14, 2024 and has two one-year extension options.

BMO Capital Markets Corp., Fifth Third Bank, NA and JPMorgan Chase Bank, NA acted as joint lead arrangers and bookrunners.

Any borrowings will be used for general corporate purposes.

Core is a U.S. specialty insurance provider.

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