XL Group subsidiary XLIT gets $100 million revolver due 2016

By Angela McDaniels

Tacoma, Wash., Nov. 4 - XL Group plc subsidiary XLIT Ltd. entered into a new credit agreement and a continuing agreement for standby letters of credit that collectively provide for up to $100 million of revolving credit loans and letters of credit, according to an 8-K filing with the Securities and Exchange Commission

The maturity date is Dec. 20, 2016.

The interest rate is Libor plus 100% of Citigroup Inc.'s three-year offer-side credit default swap spread. The facility fee is 87 basis points.

Citicorp USA, Inc. is the administrative agent and issuing lender for the credit agreement. The letter-of-credit agreement is with Citibank, NA.

XL Group is an insurance and reinsurance company based in Dublin.

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