Sirius International buys up IMG
Sirius International Insurance Group has entered into a three-year, $300 million senior unsecured revolving credit facility via its indirectly wholly-owned subsidiary Sirius International Group.
The facility will give Sirius access to loans for working capital and general corporate purposes, and letters of credit to support insurance obligations under reinsurance agreements and retrocessional agreements of Sirius' principal operating subsidiaries, including Sirius Bermuda Insurance Company, Sirius International Insurance Corporation and Sirius America Insurance Company.
"We are very pleased with the support and confidence shown by members of our bank group, as well as the terms of our inaugural facility, which we believe are reflective of our strong financial profile,” said Allan Waters, president, chief executive officer and chairman of Sirius Group. “This facility further enhances our liquidity position and strengthens our balance sheet as we continue to grow our company."
Sirius added that Wells Fargo Securities and JPMorgan Chase Bank acted as joint lead arrangers and joint book-runners for the facility.
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