Enstar Group LTD Secures $800 Million Revolving Credit Facility

Strategic Insights -

Enstar Group Limited has entered into a $800 million amended and restated revolving credit agreement with lenders, replacing its existing revolving credit facility. The five-year agreement, set to expire on May 30, 2028, provides a revolving commitment of $800 million and allows for additional commitments of up to $200 million. The credit facility will be used to finance the company's operations and growth initiatives.

Key Takeaways:

  • Enstar Group Limited has entered into a $800 million amended and restated revolving credit agreement with lenders, effective May 30, 2023.
  • The five-year agreement, set to expire on May 30, 2028, provides a revolving commitment of $800 million and allows for additional commitments of up to $200 million.
  • The credit facility will be used to finance the company's operations and growth initiatives.
  • Enstar Group Limited must maintain a gearing ratio of consolidated financial indebtedness to total capitalization of not greater than 0.35 to 1.0 and maintain a consolidated net worth of not less than $4.3 billion.
  • The Company's Board of Directors has determined that it will hold an advisory vote to approve executive compensation every year following the June 1, 2023 Annual General Meeting of Shareholders.

Statistics:

  • $800 million: The total amount of the amended and restated revolving credit agreement.
  • 5 years: The term of the credit agreement, set to expire on May 30, 2028.
  • 0.35 to 1.0: The maximum gearing ratio of consolidated financial indebtedness to total capitalization required by the credit agreement.
  • $4.3 billion: The minimum consolidated net worth required by the credit agreement.
  • 1,044,041: The total number of broker non-votes at the June 1, 2023 Annual General Meeting of Shareholders.

Sources:

  • FORM 8-K (Current Report) filed by Enstar Group Limited with the U.S. Securities and Exchange Commission on June 1, 2023.
  • Item 1.01: Entry into a Material Definitive Agreement.
  • Exhibit 10.1: Amended and Restated Revolving Credit Agreement, dated as of May 30, 2023, by and among Enstar Group Limited and certain of its subsidiaries.
  • Item 5.07: Submission of Matters to a Vote of Security Holders.