Novae Group Regulatory News (NVA)

28 Jun 2005 07:00

SVB Holdings PLC28 June 2005 For immediate release SVB HOLDINGS PLC NEW BANKING FACILITIES AND JUNE 2005 COMING INTO LINE SVB Holdings PLC ("SVB") has arranged new banking facilities with Lloyds TSB. A£20 million letter of credit is available as Funds at Lloyd's to support SVB'sunderwriting for the 2005 and 2006 years of account. As a result, reinsurer letters of credit for £6 million and US$25 million willbe substituted and released as part of the June 2005 coming into line process.The new facility reduces the cost of the top £20 million of SVB's capital base.The overall amount of SVB's Funds at Lloyd's for the 2005 year of accountremains unchanged. - ENDS - Enquiries: SVB Holdings PLC 020 7903 7300Matthew Fosh M: Communications 020 7153 1539Nick Miles This information is provided by RNS The company news service from the London Stock Exchange