Dutch insurance firm Aegon has signed EUR2bn syndicated credit facility agreement with 15 banks to refinance existing debt.

The new credit facility will replace $3bn of existing syndicated letter of credit and revolving credit facilities that were due to mature in September 2012.

The five-year facility, which includes two one-year extension options, was coordinated by Bank of America Merrill Lynch and Citigroup and it also enables Aegon to issue letters of credit for an amount up to EUR1bn.

The two banks were also joined in syndication by ABN Amro Bank, Barclays Capital, Deutsche Bank, ING Groep, JPMorgan Chase & Co., Morgan Stanley and Royal Bank of Canada as bookrunners, and six additional lenders as mandated lead arrangers and lead arrangers, as reported by Bloomberg.