WILMINGTON, Del. - Delphi Financial Group Inc. said it has expanded its syndicated revolving loan facility to $120 million from $85 million.

The lending group is led by Continental Bank and includes Bank of New York, Shawmut Bank Connecticut, Bank One Texas, CoreStates Bank, Credit Lyonnais, and NationsBank Corp.

Delphi, an insurance holding company, said the expanded line increases its flexibility in the availability of the funds and lowers their cost. The company plans to partially redeem its 11. 75% senior subordinated debentures.

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