Daily News: September 23, 2013

Bloomberg: Meadowbrook to Pay Higher Interest for JPMorgan-Led Facility

Bloomberg reported that Meadowbrook Insurance Group (MIG), an insurer that had its rating cut last month by A.M. Best, will pay higher interest rates under the facility with banks led by JPMorgan Chase, and will reduce funds available on a credit facility to comply with loan covenants.

The commitment was lowered to $30 million from $100 million and is to be reduced to $21 million on March 31, 2016, the Southfield, Michigan-based insurer said in a regulatory filing, Bloomberg said.

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