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Phoenix Replaces Credit Facility

By Staff Writer

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NU Online News Service, Dec. 29, 2003, 12:11 p.m. EST – The Phoenix Companies Inc., Hartford, has replaced a $100 million credit facility that expired Dec. 22 with a new, $150 million, unsecured credit facility.[@@]

Units of FleetBoston Financial Corp., Boston, and Wachovia Corp., Charlotte, N.C., arranged the facility, which will serve as the equivalent of a corporate credit card for Phoenix and its subsidiaries.

To keep the credit facility, Phoenix must maintain at least $1.775 billion in stockholders’ equity, according to a report filed with the U.S. Securities and Exchange Commission.

Phoenix also must keep its ratio of debt to capital at 30% or lower, and it must keep the risk-based capital ratio at its Phoenix Life Insurance Company unit above 250%.