Texas-based HCC Insurance Holdings has entered into a new loan agreement with a syndicate of banks for a four-year $600m revolving loan facility.
The new loan facility will replace the HCC’s existing $575m revolving loan facility, which was due to expire in December 2011.
In this transaction, Wells Fargo acted as lead arranger and administrative agent, Bank of America and Barclays Bank acted as co-syndication agents, and JP Morgan Chase and Royal Bank of Scotland acted as co-documentation agents on the new facility.
HCC president and CEO John Molbeck said the company is very pleased to enter into this new credit agreement with the syndicate of leading banks which provides HCC with liquidity and financial flexibility for the future, supporting HCC’s continued growth.
HCC Insurance Holdings is specialty insurance group with offices across the US and in the UK, Spain and Ireland.
As of 31 December 2010, HCC had assets of $9.1bn and shareholders’ equity of $3.3bn.