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Conyers Dill & Pearman provided Bermuda law advice to reinsurer Enstar Group plc and its subsidiaries on letters of credit, revolving credit and term loan facilities totalling US$1.5 billion. The facilities comprise a US$400 million secured letter of credit facility for certain of its subsidiaries; a five-year unsecured US$600 million revolving credit facility; and a three-year unsecured US$500 million term loan facility.
Enstar Group Limited acquires and manages insurance and reinsurance companies, and portfolios of insurance and reinsurance business in run-off. It was founded in 2001 and is headquartered in Hamilton, Bermuda.
Counsel Sheba Raza and Associate Sophia Collis of Conyers’ London office provided Bermuda law advice on the matters working alongside Drinker Biddle & Reath LLP who advised on the US law aspects of the transactions.