In Brief: 1st Union Closes $400M Syndicated Credit

First Union Capital Markets Corp. has completed syndication and closed a $400 million revolving credit facility for Bankers Life Holding Corp., a Chicago-based specialized insurance holding company.

The Syndications Group of First Union Capital Markets Corp. arranged the syndication, and First Union National Bank of North Carolina served as administrative agent. Twenty-nine financial institutions participated in the syndication.

Bankers Life Holding Corp. plans to use the revolving credit for general corporate purposes, including debt retirement and working capital.

"This credit facility reflects Bankers' improved capital structure, enables our company to refinance existing debt, and positions us to continue our rapid growth," said Fred E. Crosley, president of Bankers Life.

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