Bristol West gets $125 million credit facility

By Sara Rosenberg

New York, Aug. 1 - Bristol West Holdings, Inc. closed on a new $125 million credit facility due July 31, 2011, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

The facility consists of a $100 million term loan and a $25 million revolver, with both tranches carrying an initial interest rate of Libor plus 100 basis points. The interest rate can range anywhere from Libor plus 75 to 175 bps, based on consolidated total debt to consolidated total capitalization.

ING Capital and JPMorgan acted as joint bookrunners, with ING the administrative agent. LaSalle Bank acted as documentation agent.

The new facility, which closed Monday, refinanced the company's previous facility that consisted of a $35 million term loan A, a $40 million term loan B and a $50 million revolver.

In addition, the company plans to contribute $25 million of the credit facility proceeds to its insurance subsidiaries and use the rest for general corporate purposes.

Bristol West is a Davie, Fla.-based property and casualty insurer.

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