Enstar lifts revolver to $375 million, extends maturity to July 2018

By Toni Weeks

San Luis Obispo, Calif., July 9 - Enstar Group Ltd. amended its revolving credit facility, lifting the amount to $375 million from $250 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also extended the credit facility to July 2018 from June 2014.

Interest is Libor plus 275 basis points. Any unused portion of the facility is subject to a commitment fee of 1.1%.

Borrowings are available to fund permitted acquisitions and general corporate purposes, the filing said.

National Australia Bank is the agent as well as a mandated lead arranger with Barclays Bank plc. Royal Bank of Canada is an additional lender.

The facility is secured by a first-priority lien on the stock of some of the company's subsidiaries and bank accounts.

Hamilton, Bermuda-based Enstar is an acquirer and manager of insurance and reinsurance companies.

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