BOCA RATON, Fla. -- Financial Benefit Group Inc. said it has an agreement with Shawmut Bank of Connecticut for a $16 million line of credit that amortizes over 5 1/2 years.

Proceeds have been- used to prepay a $10 million subordinated convertible. debenture issued to Southwestern Life Insurance Co. and a $5 million loan from Southwestern Life Corp.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.