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AXS > SEC Filings for AXS > Form 8-K on 29-Mar-2013All Recent SEC Filings

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Creation of a Direct Financial Obligation or an Obligation under an Off

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant

On March 26, 2013, AXIS Capital Holdings Limited (the "Company") and certain subsidiaries of the Company (together with the Company, the "Borrowers") entered into a new four-year $250 million senior unsecured credit facility (the "Facility") with Wells Fargo Bank, National Association, as Administrative Agent, Fronting Bank and L/C Administrator and the other lenders party thereto, pursuant to a credit agreement (the "Credit Agreement") and other ancillary documents (together with the Credit Agreement, collectively, the "Facility Documents"), which are effective immediately. At the request of the Company and upon the satisfaction of certain conditions, the Facility may be increased by up to $150 million after closing, and is available for loans for working capital and general corporate purposes of the Borrowers and standby letters of credit for the account of certain of the Borrowers in favor of third-party beneficiaries to support obligations relating to reinsurance liabilities and other general corporate purposes. The Company will guarantee all obligations of the Borrowers. Each of AXIS Specialty Finance LLC and AXIS Specialty Holdings Bermuda Limited will guarantee all obligations of the Company as well as the obligations of the other Borrowers. At the option of the Company, letters of credit may be issued on a secured basis. The Facility replaces, in part, the Company's 2010 unsecured credit facility, which was terminated concurrently with the effectiveness of the Facility. The Facility will terminate in March 2017.

The Facility Documents contain customary covenants with which the Borrowers must comply, including covenants related to minimum consolidated net worth, maximum total funded debt to total capitalization and maintenance by certain of the Borrowers of financial strength ratings.

Certain of the lenders under the Credit Agreement, or their affiliates, have provided, and may in the future from time to time provide, certain commercial and investment banking, financial advisory and other services in the ordinary course of business for the Borrowers, for which they have in the past and may in the future receive customary fees and commissions.

The descriptions of the Facility Documents contained herein are qualified in their entirety by reference to the Credit Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Number                              Description of Document

10.1         Credit Agreement, dated as of March 26, 2013, by and among AXIS
             Capital Holdings Limited, certain subsidiaries of AXIS Capital
             Holdings Limited party thereto, Wells Fargo Bank, National
             Association, as Administrative Agent, Fronting Bank and L/C
             Administrator and the other lenders party thereto.

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