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MRH > SEC Filings for MRH > Form 8-K on 1-Nov-2012All Recent SEC Filings

Show all filings for MONTPELIER RE HOLDINGS LTD

Form 8-K for MONTPELIER RE HOLDINGS LTD


1-Nov-2012

Entry into a Material Definitive Agreement, Financial Statements and E


ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On October 31, 2012, Montpelier Reinsurance Ltd. ("Montpelier Re") entered into a Letter of Credit Reimbursement and Pledge Agreement (the "Letter of Credit Reimbursement and Pledge Agreement") among Montpelier Re and Barclays Bank PLC, as issuer (the "Issuer"). The Letter of Credit Reimbursement and Pledge agreement provides for a four-year secured $75 million letter of credit facility for the account of Montpelier Re. The Letter of Credit Reimbursement and Pledge Agreement contains covenants that limit Montpelier Re's ability, among other things, to grant liens on its assets, sell assets, merge or consolidate, incur debt and enter into certain transactions with affiliates. In addition, the Letter of Credit Reimbursement and Pledge Agreement requires Montpelier Re Holdings Ltd. (the "Company") to maintain debt leverage of no greater than 30% and Montpelier Re to maintain an A.M. Best financial strength rating of no less than B++. If the Company or Montpelier Re fails to comply with these covenants, the Issuer could revoke the facility and exercise remedies against the collateral.

The foregoing description of the Letter of Credit Reimbursement and Pledge Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Letter of Credit Reimbursement and Pledge Agreement including its exhibits, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

10.1 Letter of Credit Reimbursement and Pledge Agreement, dated October 31, 2012, between Montpelier Reinsurance Ltd. and Barclays Bank PLC.


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