The Hartford Financial Services Group amended its $1 billion five-year credit agreement dated October 31, 2014 with Bank of America as administrative agent.

According to a related 8-K filing, JPMorgan, Citibank, U.S. Bank and Wells Fargo Securities served as syndication agents, while Merrill Lynch, JPMorgan, Citigroup Global Markets, U.S. Bank and Wells Fargo Securities were joint lead arrangers and joint bookrunners.

The amendment provides, among other things, for a reduction of the company’s minimum consolidated net worth financial covenant to $9 billion. It also provides for the automatic amendment and restatement of the amended credit agreement upon and subject to the satisfaction of certain specified conditions, including the consummation of the sale of Hartford Life, a wholly-owned subsidiary of the company, and certain other run-off life and annuity insurance subsidiaries.

The amended credit agreement will remain in effect until the consummation of the previously announced Talcott Sale, enabling the company to divest itself of its annuity business, and the satisfaction of the other conditions. Upon the satisfaction of such conditions, the amended credit agreement will be replaced and superseded by the amended and restated credit agreement.

The amended and restated credit agreement will provide for revolving loans as well as for the issuance of letters of credit up to an aggregate of $750 million committed by the lenders party thereto, with a $100 million sublimit on outstanding letters of credit at any time. The amended and restated credit agreement will also permit 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 company will unconditionally and irrevocably guarantee the obligations of each of its subsidiaries that is named as a borrower under the amended and restated credit agreement.

The amended and restated credit agreement will expire on the earlier of March 29, 2023 or the date of termination of the commitments upon an event of default.