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Selective Insurance secures $50M revolving credit facility

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Selective Insurance secures $50M revolving credit facility

Selective Insurance Group Inc. entered a credit agreement for a $50 million revolving credit facility, which can increase up to $125 million with the consent of the lenders.

Bank of Montreal, Chicago branch, will act as administrative agent under the agreement, which will mature Dec. 20, 2022. Interest rates on borrowings under the credit facility are dependent on Selective's debt rating and based on either London Interbank Offered Rate interest periods selected by the company or a base rate adjusted by a specified margin.

Selective also terminated a credit agreement dated Dec. 1, 2015, for a $30 million revolving credit facility, which was due to mature Dec. 1, 2020.