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UPDATE 1-Navigators Group inks $140 mln credit pact
April 6, 2010 / 9:09 PM / 8 years ago

UPDATE 1-Navigators Group inks $140 mln credit pact

* Co signs credit pact with JP Morgan Chase

* May seek to raise facility by not more than $25 mln

April 6 (Reuters) - Property and casualty insurer Navigators Group Inc (NAVG.O) said it has entered into a $140 million credit agreement with lenders led by JPMorgan Chase (JPM.N).

The new credit pact replaces an older $75 million facility that expired on April 2.

Navigators may ask to increase the facility by not more than $25 million, the company said in a filing with the U.S. Securities and Exchange Commission.

The credit facility will continue to be used primarily to support the company’s capacity at its Lloyd’s of London operations.

Shares of the New York-based company closed at $40.04 Tuesday on Nasdaq. (Reporting by Sweta Singh in Bangalore; Editing by Unnikrishnan Nair)

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