Wednesday, March 9, 2011

Wells Fargo (WFC), BofA (BAC), Barclays (BCS) Lead HCC (HCC) Credit Facility

HCC Insurance (NYSE:HCC) announced it has entered into a $600 million revolving loan facility, led by Wells Fargo (NYSE:WFC), which was the lead arranger and administrative agent.

Bank of America (NYSE:BAC) and Barclays Bank acted as co-syndication agents, while JPMorgan Chase (NYSE:JPM) and Royal Bank of Scotland (NYSE:RBS) acted as co-documentation agents for HCC Insurance.

The length of the facility is for four years, and replaces the company’s existing $575 million revolving loan facility, which was due to expire in December.

HCC closed Tuesday at $31.10, gaining $0.78, or 2.57 percent.

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