Enstar draws $47.8 million of revolver to fund acquisition of Arden Re

By Marisa Wong

Madison, Wis., Sept. 11 - Enstar Group Ltd. borrowed $47.8 million under its $375 million five-year revolving credit facility on Sept. 6 to fund wholly owned subsidiary Kenmare Holdings Ltd.'s acquisition of Arden Reinsurance Co. Ltd., according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Interest on this borrowing is about 2.9%.

The undrawn amount of $211.2 million remains available to Enstar, the filing noted.

National Australia Bank Ltd. and Barclays Bank plc are the lead arrangers and lenders under the credit facility; Royal Bank of Canada is also a lender; and National Australia Bank is the agent.

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

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