American Eagle Group Inc. announces enhanced credit facility.DALLAS--(BUSINESS WIRE)-- Jan. 4, 1995--American Eagle Group, Inc. announced it has increased the available principal amount, reduced the interest rate and extended the term of its outstanding credit facility with The First National Bank of Chicago. The principal amount available from this facility has been increased from $10 million to $18 million in the form of a revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. . The interest rate has been reduced to the lender's corporate base rate from .5% over the corporate base rate, and a LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). option has been added. The final maturity date has been extended from April 1, 1998 to December 31, 2000. The lender's commitment will be reduced by $2 million annually during 1995 and 1996, $3 million annually during 1997 and 1998, and $4 million annually during each year thereafter until maturity. At year-end 1994, American Eagle had $9.3 million outstanding under the credit facility. M. Philip Guthrie, Chairman and 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. of American Eagle Group, Inc. stated, "We are most pleased with this revised and expanded credit facility. In addition to converting from a short-term to a longer-term maturity, this facility provides additional capital support for any interim needs for the continued growth and development of our insurance operations. Moreover, if the facility were to be fully drawn, American Eagle's debt to equity ratio The debt to equity ratio (D/E) is a financial ratio indicating the relative proportion of equity and debt used to finance a company's assets. It is equal to total debt divided by shareholders' equity. would remain at conservative levels." The common stock of American Eagle Group, Inc. trades on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "FLI FLI - Flash Lights Impressively. ." American Eagle Group, Inc. is an insurance holding company that, through its subsidiaries, markets and underwrites specialized property and casualty coverages in selected niche markets. These markets include general aviation, local and intermediate haul trucking, franchised new auto dealers, selected artisan contractors and private yachts. The Company's business is organized in three divisions: the Aviation Division, headquartered in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , the Property & Casualty Division, headquartered in Sacramento, California, and the Marine Division, headquartered in Baltimore, Maryland. CONTACT: American Eagle Group Inc.
M. Philip Guthrie, Chairman, CEO or
Richard M. Kurz, Sr. Vice President, CFO, 214/448-1460
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