Cleary Gottlieb represented Liberty Mutual in the amendment and restatement of a $1 billion senior unsecured revolving credit facility.
The credit agreement includes ESG provisions that permit adjustments to certain fees and rates upon satisfaction of specified ESG milestones, which will be determined in a future amendment. The transaction closed on April 18, 2022.
Liberty Mutual is a global insurance company with more than 45,000 employees in 29 countries. As of 2021, Liberty Mutual is the sixth-largest property and casualty insurer globally. The company also sells full lines of coverage for automobile, homeowners, small commercial, valuable possessions, and personal liability insurance.