24th Nov 2005 17:38
Beazley Group PLC24 November 2005 24th November, 2005 BEAZLEY INCREASES DEBT FACILITY TO FUND GROWTH Beazley Group plc is pleased to announce that it has signed a £150 millionletter of credit and revolving credit facility. The facility will provide further underwriting capital to fund growth ofBeazley's insurance activities at Lloyd's and Beazley Insurance Company Inc.,its US admitted lines insurance carrier. The facility will replace an earlier£70 million letter of credit and revolving credit facility dated 3rd September2004. The availability period will allow for letters of credit to be issued for the2006 and 2007 years of account and the revolving credit facility has anavailability period of 3 years. Letter of credit commission and the loan marginare 1.50% p.a. Mandated Lead arranger, Bookrunner and Agent for the new facility is Lloyds TSBBank plc. The banks participating in the facility are Lloyds TSB Bank plc,Calyon, Commerzbank AG, London Branch, Bank of America N.A. and HSH Nordbank AG,London Branch. Andrew Horton, Finance Director for Beazley commented on the transaction: "The new credit facility will further enhance the Group's financial strength andwill be used to support growth, both in the UK and the US markets." --ENDS-- For further details please contact: Beazley Group PlcAndrew Horton, Finance DirectorTel. 020 7667 0781 Lloyds TSB Bank plcStephen Thomas, Director SyndicationsTel: 020 7661 4660 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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