Max capital and Max Bermuda enter into agreement with the Bank of America
Max Capital Group and its Bermuda operating company, Max Bermuda, have entered into a credit agreement with Bank of America as fronting bank, and various other financial institutions, with respect to a $450m five-year senior secured credit facility and a $150m five-year unsecured senior credit facility.
Subject to certain conditions, at the request of Max Bermuda, the aggregate commitments of the lenders under the facility may be increased up to a total of $800 million.
W Marston Becker, chairman and chief executive officer of Max Capital, said: “We appreciate our relationships with these lenders and value the financial flexibility, liquidity and letter of credit capacity that this facility provides to Max.”
This facility replaces Max Capital’s and Max Bermuda’s credit agreement with BOA and various financial institutions.