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PTP > SEC Filings for PTP > Form 8-K on 20-Dec-2013All Recent SEC Filings




Entry into a Material Definitive Agreement, Creation of a Dire

Item 1.01 Entry into a Material Definitive Agreement.

On December 19, 2013, Platinum Underwriters Holdings, Ltd. (the "Platinum Holdings") and its subsidiaries Platinum Underwriters Bermuda, Ltd. ("Platinum Bermuda") and Platinum Underwriters Reinsurance, Inc. ("Platinum US") entered into a letter agreement (the "Letter Amendment") amending the $100 million committed letter of credit facility letter dated June 30, 2011 between Platinum Bermuda, Platinum US, Platinum Holdings and Citibank Europe plc (the "Facility Letter"). The Letter Amendment amends the Facility Letter to extend the availability end date and facility expiry date by two years. Pursuant to the Letter Amendment, under the terms of the Facility Letter, no letter of credit will be issued under the facility after December 31, 2015. In addition, any letter of credit issued under the facility will expire no later than December 31, 2016. Other than as described herein, the material terms of the Facility Letter have not changed. For a description of those terms, see Item 1.01 of the Current Report on Form 8-K filed by the registrant on June 30, 2011.

The foregoing description of the Letter Amendment does not purport to be a complete statement of the parties' rights and obligations under the Letter Amendment and the transactions contemplated thereby. The foregoing description is qualified in its entirety by reference to the Letter Amendment, a copy of which is attached as Exhibit 10.1 hereto and is incorporated herein by reference.

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

The information included pursuant to Item 1.01 is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit 10.1 Letter agreement dated December 19, 2013 among Platinum Underwriters Bermuda, Ltd., Platinum Underwriters Reinsurance, Inc., Platinum Underwriters Holdings, Ltd. (solely for purposes of paragraph 9.2 of the Facility Letter) and Citibank Europe plc

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