Axis Capital extends $500M secured letter of credit facility to 2025/2026

AXIS CAPITAL HOLDINGS LTD

Amended existing $500M secured LC facility with Citibank Europe plc.
Non-AUD/NZD LCs extended to March 31, 2025; AUD/NZD LCs extended to March 31, 2026.
Amendment effective December 31, 2023; involves six Axis subsidiaries.
Facility comprises three tranches with sub-limits for each tenor bucket.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AXIS CAPITAL HOLDINGS LTD amended Amendment with Citibank Europe plc valued at $500 million (effective 2023-12-31).

Action: amendment
Agreement: credit facility
Counterparty: Citibank Europe plc
Value: $500 million
Effective: 2023-12-31

Exact text from the filing

Pursuant to a Deed of Amendment, dated December 29, 2023, AXIS Specialty Limited, AXIS Re SE, AXIS Specialty Europe SE, AXIS Insurance Company, AXIS Surplus Insurance Company and AXIS Reinsurance Company (the “Companies”) amended their existing $500 million secured letter of credit facility with Citibank Europe plc to extend the tenors of issuable letters of credit (i) denominated in a currency other than Australian or New Zealand dollars to March 31, 2025; and (ii) denominated in either Australian dollars or New Zealand dollars to March 31, 2026 (the “Amendment”). The Amendment is effective December 31, 2023.

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Source: SEC EDGAR

accession 0001214816-24-000003

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