Allied World to draw down $250m of current credit facility
Allied World, the Bermuda-based reinsurer filed a current report on Form 8-K on November 19, 2008announcing that it had sent a notice of borrowing to draw $250m in principal amount under its existing $400m unsecured senior revolving credit facility to increase its cash position to preserve its financial flexibility in light of the current uncertainty in the credit markets.
President and chief executive officer Scott Carmilani commented: "Our current strong leverage position, solid balance sheet and $400 million credit facility position us well to take advantage of
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