Quanta Capital Holdings Ltd. announced that it has entered into a new credit facility with ING Bank N.V., London Branch, as Mandated Lead Arranger, and a syndicate of lenders.
“The primary use of the new facility is to support the issuance of letters of credit securing Quanta’s obligations to pay claims under its remaining reinsurance contracts and other obligations,” said the announcement. “These letters of credit will, over time, replace letters of credit previously issued under the Company’s credit facility with JPMorgan Chase Bank, NA., after which time this facility will be terminated. In the interim, Quanta amended the terms of its JPMorgan Chase facility to permanently waive the default under that facility due to Quanta’s ratings downgrade earlier this year.”
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