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Enstar upsizes credit facility

Enstar Group Ltd. and subsidiary Cavello Bay Reinsurance Ltd. amended their unsecured $600 million letter of credit facility agreement to increase the total commitments to $760 million.

As a result of the amendment, Cavello Bay may also opt to increase the commitments in an aggregate amount up to $40 million from the existing lenders or by adding one or more new lenders. Cavello Bay will use the increased commitments to provide letters of credit in support of some of its reinsurance obligations in the ordinary course of business.

National Australia Bank Ltd., London branch, served as administrative agent and issuing bank. National Australia Bank and Bank of Nova Scotia acted as joint book runners, joint lead arrangers and syndication agents.