BofA Agents Hartford Financial $1B Revolver
The Hartford Financial Services Group entered into a five-year, $1 billion revolving credit facility with a syndicate of financial institutions, including Bank of America as administrative agent; JPMorgan Chase Bank, Citibank, U.S. Bank and Wells Fargo as syndication agents; and Merrill Lynch, J.P. Morgan Securities, Citigroup Global Markets, U.S. Bank and Wells Fargo Securities as joint lead arrangers and joint bookrunners.
The credit agreement replaced the company’s $1.75 billion four-year revolving credit facility. The new credit agreement provides for revolving loans, as well as for letters of credit, with a $250 million sublimit on outstanding letters of credit at any time.
The credit agreement also contains an expansion option permitting the company to request an increase of the credit facility from time to time by up to an aggregate additional $500 million from certain lenders that elect to make such increase available, upon the satisfaction of certain conditions.
The credit agreement will expire on the earlier of (a) October 31, 2019, or (b) the date of termination of the commitments upon an event of default.
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds.