XL Group in $2 Billion of New Credit Facilities
December 09, 2011
Cleary Gottlieb represented XL Group in connection with two new credit facilities: a $1.35 billion unsecured letter of credit and revolving credit facility, and a $650 million secured letter of credit facility. J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and RBS Securities Inc. participated as joint lead arrangers and joint bookrunners. Concurrently, XL Group amended its March 2011 $1 billion secured letter of credit facility, on which Cleary also advised, to conform certain provisions to the new secured letter of credit facility. The transactions closed on December 9.
XL Group, through its subsidiaries, is a global insurance and reinsurance company which provides property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises on a worldwide basis.