Delphi Financial Obtains New Bank Credit Facility
December 23 2010 - 7:00AM
Business Wire
Delphi Financial Group, Inc. (NYSE:DFG) today announced that it
has entered into a new $300 million bank credit facility, which
replaces the Company’s existing $350 million facility that was
scheduled to expire in October 2011. The new facility consists of a
$175 million three-year revolving credit facility and a $125
million five-year term loan. Bank of America Merrill Lynch and U.S.
Bank National Association acted as joint lead arrangers and book
managers for the new credit facility.
Robert Rosenkranz, Chairman and Chief Executive Officer, said,
“Our new bank facility, combined with the previously announced full
redemption of our 8% Senior Notes that is being completed today,
will provide Delphi with enhanced financial flexibility while
reducing our interest expense. Delphi is well positioned to support
the growth of our insurance businesses and take advantage of future
growth opportunities.”
Delphi Financial Group, Inc. is an integrated employee benefit
services company. Delphi is a leader in managing all aspects of
employee absence to enhance the productivity of its clients and
provides the related group insurance coverages: long-term and
short-term disability, life, excess workers’ compensation for
self-insured employers, large casualty programs including large
deductible workers’ compensation, travel accident, dental and
limited benefit health insurance. Delphi’s asset accumulation
business emphasizes individual annuity products. Delphi’s common
stock is listed on the New York Stock Exchange under the symbol DFG
and its corporate website address is www.delphifin.com.
In connection with, and because it desires to take advantage of,
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995, Delphi cautions readers regarding certain
forward-looking statements in the foregoing discussion and in any
other statements made by, or on behalf of, Delphi, whether in
future filings with the Securities and Exchange Commission or
otherwise. Forward-looking statements are statements not based on
historical information and which relate to future operations,
strategies, financial results, prospects, outlooks or other
developments. Some forward-looking statements may be identified by
the use of terms such as “expects,” “believes,” “anticipates,”
“intends,” “judgment,” “future,” “outlook,” “effort,” “attempt,”
“achieve,” “project,” or other similar expressions.
Forward-looking statements are necessarily based upon estimates
and assumptions that are inherently subject to significant
business, economic, competitive and other uncertainties and
contingencies, many of which are beyond Delphi’s control and many
of which, with respect to future business decisions, are subject to
change. Examples of such uncertainties and contingencies include,
among other important factors, those affecting the insurance
industry generally, such as the economic and interest rate
environment, federal and state legislative and regulatory
developments, including but not limited to changes in financial
services, employee benefit, health care and tax laws and
regulations, changes in accounting rules or interpretations
thereof, market pricing and competitive trends relating to
insurance products and services, acts of terrorism or war, and the
availability and cost of reinsurance, and those relating
specifically to Delphi’s business, such as the level of its
insurance premiums and fee income, the claims experience,
persistency and other factors affecting the profitability of its
insurance products, the performance of its investment portfolio and
changes in Delphi’s investment strategy, acquisitions of companies
or blocks of business, and ratings by major rating organizations of
Delphi and its insurance subsidiaries. These uncertainties and
contingencies can affect actual results and could cause actual
results to differ materially from those expressed in any
forward-looking statements made by, or on behalf of, Delphi.
Forward-looking statements contained in the foregoing discussion
are made as of the date of this press release and Delphi disclaims
any obligation to update these or any other forward-looking
statements.
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