Enstar Group Ltd. entered into a three-year unsecured $500 million term loan credit agreement with certain lenders and Wells Fargo Bank NA as administrative agent.
Enstar borrowed the full $500 million in a single draw Dec. 27, 2018. The company may use the proceeds of the term loan facility for general corporate purposes, including the funding of permitted acquisitions and investments.
The company has an option to increase the principal amount of the term loan facility up to $150 million in the aggregate from the existing lenders or additional lenders.
Wells Fargo Securities LLC, National Australia Bank Ltd. and SunTrust Robinson Humphrey Inc. acted as joint lead arrangers and joint book runners. National Australia Bank and SunTrust Bank acted as co-syndication agents.