Enstar secures up to $1bn for acquisitions
Bermuda-based Enstar Group has entered into a five year unsecured $600 million revolving credit facility with a group of lenders to fund acquisitions as well as for “general purposes.”
The company has the option to increase the commitments under the facility up to an aggregate of $400 million.
The credit agreement imposes various financial and business covenants on the company and its subsidiaries, including certain limitations on mergers and consolidations, acquisitions, indebtedness and guarantees, restrictions as to dispositions of stock and assets, and limitations on liens.
Enstar and private equity firm Madison Dearborn Partners (MDP) took a stake in AmTrust Financial Services in July.
The move was part of the plan to take AmTrust private. Earlier in June, Amtrust stockholders approved the proposed amended merger transaction which will take the insurer specialized in the coverage for small businesses private.
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