Marsh & McLennan Companies (MMC) has reached an agreement with its creditors to extend its credit to $2.7bn, the company said.
According to a regulatory filing with the US Securities and Exchange Commission (SEC), MMC will enter a $1bn term loan facility with lenders Citibank, Bank of America and Deutsche Bank AG, set to mature 31 December 2006.
The company has also filed to amend $1.7bn of its existing revolving facilities with the lenders, with $1bn now set to mature 13 June 2007 and another $700m that will mature 9 June 2009.
The loan replaced existing revolving credit facilities of $700m and $355m that would have expired in 2005, MMC said.
Reports today said the move could potentially help the broker to come to a settlement in outstanding civil complaints brought against it by New York attorney general Eliot Spitzer.
