WOODLAND HILLS, Calif. -- Underwriters Re Corp. said it has signed a commitment letter with First National Bank of Chicago for a $100 million syndicated credit facility.

The commitment is subject to, among other things, preparation and execution of definitive loan documents and approval of the credit arrangements by insurance regulatory authorities.

Underwriters Re said it intends to use part of the proceeds, with other cash resources, to redeem its outstanding 15% senior notes due 1997. The notes, with $102 million in principal outstanding, become eligible for redemption on Dec. 31, 1992.

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