Fifth Third Agents National Interstate Credit Agreement
National Interstate announced that it has entered into a $100 million five year unsecured credit agreement with Fifth Third Bank, as administrative agent and lead arranger, and U.S. Bank as documentation agent.
The company said it has the ability to increase the line of credit to $125 million subject to the agreement’s accordion feature. The credit agreement replaces an existing $50 million credit facility.
Julie McGraw, vice president and chief financial officer, said: “This new line of credit will provide us with a significant source of backup liquidity, further bolstering our strong balance sheet. Through the support of our strong lending group, we closed our financing with what we believe to be very attractive terms and are positioned for the long-term with greater financial flexibility that will allow us to capitalize on strategic opportunities as they arise.”
Richfield, OH-based National Interstate Corporation is the holding company for a specialty property-casualty insurance group which differentiates itself by offering products and services designed to meet the unique needs of niche markets.