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News - Validus opens $300m credit facilities.
(From Reinsurance)
Bermudian start-up reinsurer Validus has entered into syndicated credit agreements amounting to $300m with a syndicate of lenders. The deal consists of a $100m senior-unsecured 364-day revolving credit facility and a $200m senior-secured three-year letter of credit facility.
The letter of credit facility is secured by cash and eligible securities of Validus or its subsidiaries. JP Morgan Securities and Deutsche Bank Securities acted as joint lead arrangers and joint bookrunners for the facilities, while the Bank of America, the Bank ...
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