NU Online News Service, Jan. 8, 2004, 12:59 p.m. EST – Ceres Group Inc., Cleveland, a life insurance holding company, has refinanced loans it took out in 1999 with a new, $13 million credit facility.[@@]
The credit facility consists of a $4 million, floating-rate term loan from a unit of National City Corp., Cleveland, and a $9 million, floating-rate term loan from a unit of CIT Group Inc., Livingston, N.J.
All principal payments are due on the National City loan by March 1, 2007, and all principal payments are due on the CIT loan by June 1, 2008.
A unit of J.P. Morgan Chase and Company, New York, was the administrative agent for the old credit facility, which carried a higher interest rate than the new facility, Ceres says. The contract for the old facility required Ceres to pay off the old term loans by 2005.