JPMorgan Agents AmTrust Expanded Revolver
AmTrust Financial Services announced it entered into a $350 million credit agreement. The revolving credit facility has a letter of credit sublimit of $175 million and an expansion feature of not more than an additional $150 million. Proceeds may be used for working capital, acquisitions and general corporate purpose.
The new credit agreement is led by JPMorgan Chase Bank as administrative agent, KeyBank and SunTrust Bank as co-syndication agents, and Lloyds Bank and Associated Bank as co-documentation agents. A total of seven banks participated in the facility.
The new revolving credit facility replaces a four-year $200 million credit agreement with a $100 million letter of credit sublimit.
“We are pleased that our lenders support our Company through the expansion of the credit facility,” commented Barry Zyskind, CEO and President of AmTrust. “The access to additional funding increases flexibility to grow our business.”