Lincoln Financial Group, with operations in Hartford, said it has received commitments for a $2 billion bank credit line, The Associated Press reports.
The Philadelphia financial services company said the credit line includes $1.5 billion it can use to issue letters of credit expiring in 2015.
Lincoln Financial plans to use the credit line primarily to provide letters of credit in support of some of its life insurance reserves.
The credit line will replace the company’s current bank credit line, which is scheduled to expire in the first quarter of next year.
ADVERTISEMENT
Lincoln Financial is the marketing name for life insurer Lincoln National Corp. and its affiliates.
