Scottish Re Group Ltd. has lined up $200 million in financing from a group of lenders led by a unit of Bank of America Corp., Charlotte, N.C.[@@]
Scottish Re, Hamilton, Bermuda, says the unsecured, 3-year credit agreement will expand its ability to borrow money and issue letters of credit. Scottish Re has an option to increase the principal amount of the credit facility to $300 million, the company says.
The new credit facility replaces a smaller facility that had a term of only 364 days, according to Scottish Re executives.