Enstar enters into $500 million three-year term loan agreement

By Wendy Van Sickle

Columbus, Ohio, Jan. 2 – Enstar Group Ltd. entered into a $500 million three-year unsecured term loan credit agreement with Wells Fargo Bank, NA as administrative agent on Dec. 27, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC, National Australia Bank Ltd. and SunTrust Robinson Humphrey, Inc. acted as joint lead arrangers and joint bookrunners.

National Australia and SunTrust Bank acted as co-syndication agents.

The company may increase the facility by up to $150 million.

Borrowings bear interest at Libor plus a margin ranging from 100 basis points to 200 bps, depending on Enstar’s senior unsecured debt ratings. The initial margin is 150 bps.

The credit facility terminates on Dec. 27, 2021.

Enstar borrowed the full amount in a single draw on the closing date.

Proceeds may be used for general corporate purposes, including the funding of permitted acquisitions and investments.

Enstar is a Hamilton, Bermuda-based insurance provider.

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