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JPMorgan Chase Agents $350MM Facility for Am Trust

September 16, 2014, 07:28 AM
Filed Under: Insurance Services

AmTrust Financial Services, Inc. has entered into a $350 million credit agreement. The credit facility is a revolving credit facility with a letter of credit sublimit of $175 million and an expansion feature of not more than an additional $150 million. Proceeds of borrowings under the credit facility may be used for working capital, acquisitions and general corporate purpose.

The new credit agreement is led by JPMorgan Chase Bank, N.A., as Administrative Agent, KeyBank National Association and SunTrust Bank, as Co-Syndication Agents, and Lloyds Bank plc and Associated Bank as Co-Documentation Agents. A total of seven banks participated in the facility.

The new revolving credit facility replaces a four-year $200 million credit agreement with a $100 million letter of credit sublimit.

"We are pleased that our lenders support our Company through the expansion of the credit facility," commented Barry Zyskind, CEO and President of AmTrust. "The access to additional funding increases flexibility to grow our business."

AmTrust Financial Services, Inc., headquartered in New York City, is a multinational insurance holding company, which, through its insurance carriers, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile and general liability; extended service and warranty coverage.

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