AXIS Capital Announces $750 Million Syndicated Credit Agreement.Business Editors PEMBROKE, Bermuda--(BUSINESS WIRE)--March 25, 2004 AXIS Capital Holdings Limited ("AXIS Capital") (NYSE NYSE See: New York Stock Exchange : AXS AXS Access AXS Anomalous X-Ray Scattering AXS Alpha Chi Sigma AXS Alpha X-Ray Spectrometer AXS Activex Script ) announced today that it has entered into a $750 million credit agreement with a syndicate of lenders. This renewal agreement is an unsecured 3-year facility that allows the Company to issue up to $750 million in letters of credit and borrow up to $300 million for general corporate purposes with utilization capped at $750 million. John Charman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of AXIS Capital, said, "We are extremely pleased that our prestigious banking group partners have agreed to support the longer term strategic goals of AXIS Capital by not only renewing, but substantially increasing, their commitment to us. This facility represents an important part of the strong security chain that AXIS delivers to its clients and is an essential ingredient in the management of its capital." J.P. Morgan Securities Inc. acted as lead arranger Lead arranger The senior tier of arranger and bookrunner. Barclays Bank PLC acted as syndication agent and Citibank, N.A., HSBC Bank USA HSBC Bank USA, N.A., the United States subsidiary of the HSBC Holdings plc, is a bank with its head office in New York City. History The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland Bank of New York State, headquartered in , ING Bank N.V. and Wachovia Bank, N.A. acted as co-documentation agents. AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. with shareholders' equity of approximately $2.8 billion and locations in Bermuda, the United States and Europe. Its operating subsidiaries have been assigned a rating of "A" ("Excellent") by A.M. Best and a rating of "A" ("Strong") by Standard & Poor's. For more information about AXIS Capital, visit the Company's website at www.axiscapital.com. |
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