HCC EXPANDS BANK CREDIT LINE TO
$575 MILLION
HOUSTON (October
24, 2007) . . .
HCC Insurance Holdings, Inc. (NYSE: HCC)
announced today that it has reached an agreement with a group of banks to
increase its revolving loan facility by $275 million, bringing the total
credit facility to $575 million.
With Wells Fargo Bank and Citibank as co-lead arrangers, the bank group also
includes Wachovia Bank, Bank of America, Amegy Bank, Bank of New York, Key
Bank, Royal Bank of Scotland and Deutsche Bank.
“We are pleased to announce that we were able to exercise the ‘accordion
feature’ of our loan facility to increase the Company’s credit facility by
an additional $275 million under the same terms and conditions as the
existing line of credit,” HCC Chief Executive Officer Frank J. Bramanti
said. “This additional borrowing capacity together with our existing
available cash provides the Company with ample liquidity for future
corporate undertakings.”
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. (HCC) is a
leading international specialty insurance group with offices across the
United States and in Bermuda, Spain, Ireland and the United Kingdom. HCC has
assets of more than $7.9 billion, shareholders’ equity of $2.2 billion and
is rated AA (Very Strong) by Standard & Poor’s, AA (Very Strong) by Fitch
Ratings and A+ (Superior) by A.M. Best Company.
For more information, visit our website at
www.hcc.com.
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Contact:
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Barney White, HCC Vice President of
Investor Relations
Telephone: (713) 744-3719
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Forward-looking statements contained in this press
release are made under “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 and involve a number of
risks and uncertainties. The types of risks and uncertainties which
may affect the Company are set forth in its periodic reports filed
with the Securities and Exchange Commission. |
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