UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): June 30, 2011
Enstar Group Limited
(Exact name of registrant as specified in its charter)
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| Bermuda
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001-33289
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.) |
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P.O. Box HM 2267, Windsor Place, 3rd Floor
18 Queen Street, Hamilton HM JX Bermuda
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(Zip Code) |
Registrant’s telephone number, including area code: (441) 292-3645
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.
On June 30, 2011, Enstar Group Limited (the “Company”) borrowed $167.6 million under its
previously disclosed $250.0 million three-year revolving credit facility (the “Credit Facility”)
provided by the Revolving Credit Facility Agreement with National Australia Bank Limited and
Barclays Corporate, the corporate banking division of Barclays Bank PLC, as bookrunners and
mandated lead arrangers, certain financial institutions, as lenders, and National Australia Bank
Limited as agent, dated June 13, 2011 (the “Credit Agreement”). The $167.6 million borrowed was
used to prepay term loans outstanding under certain existing credit facilities of the Company and
certain of its subsidiaries. The prepayment of these existing credit facilities was a condition to
the Company’s initial borrowing under the Credit Facility. The interest rate on this borrowing is
3.15%, subject to periodic adjustment in accordance with the terms of the Credit Facility. The
undrawn amount of $82.4 million remains available to the Company under the Credit Facility.
A description of the material terms of the Credit Facility is included in Item 1.01 of the
Current Report on Form 8-K that the Company filed on June 14, 2011, and that description is
incorporated herein by reference.