Bermuda-based Enstar Group Ltd has announced that it has entered into a new three-year $250 million revolving credit facility with National Australia Bank Ltd and Barclays Corporate, the corporate banking division of Barclays Bank plc.Enstar, which specialises in acquiring and managing insurance businesses in run-off, is permitted to use the borrowings under the credit facility to prepay certain existing credit facilities, to fund permitted acquisitions and for general corporate purposes.Enstar’s ability to draw on the credit facility is subject to a number of conditions. In addition, as a condition to Enstar’s initial borrowing under the credit facility, the company must prepay approximately $167 million outstanding under existing credit facilities.The credit facility is secured by a first priority lien on the stock of certain of Enstar’s subsidiaries and certain bank accounts held with Barclays Bank plc in the name of Enstar and into which amounts received in respect of any capital release from certain of Enstar’s subsidiaries are required to be paid.The interest rate is LIBOR plus 2.75 percent, plus an incremental amount tied to certain regulatory costs that may be incurred by the lenders, if any.