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Alleghany secures $300M credit facility

Alleghany Corp. entered into a five-year credit agreement for an unsecured revolving credit facility of up to $300 million, maturing July 31, 2022, unless it is terminated earlier.

The credit agreement involved certain lenders and U.S. Bank NA as administrative agent for the lenders. It replaced the company's previous three-year credit agreement, which was set to expire Oct. 15 and provided for an unsecured revolving credit facility of up to $200 million.

Borrowings will be available for working capital and general corporate purposes, including deals and share buybacks. Alternate-base-rate borrowings will bear interest at the greatest of the administrative agent's prime rate, the federal funds effective rate plus 0.5%, or the adjusted London Interbank Offered Rate for a one-month interest period on such day plus 1%, plus the applicable margin. Eurodollar borrowings will bear interest at the adjusted LIBOR for the interest period in effect plus the applicable margin.

All loans are to be repaid in full no later than July 31, 2022.