form8k.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K 
 
CURRENT REPORT
 PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
December 15, 2008
Date of Report (Date of earliest event reported)
 
 
GREENLIGHT CAPITAL RE, LTD.
(Exact name of registrant as specified in charter)
 
 
Cayman Islands
001-33493
N/A
(State or other jurisdiction
 of incorporation)
(Commission file number)
(IRS employer
 identification no.)
 

802 West Bay Road
 The Grand Pavilion
P.O. Box 31110
 Grand Cayman, Cayman Islands
KY1-1205
(Address of principal executive offices)
(Zip code)
 
 
(345) 943-4573
(Registrant’s telephone number, including area code)
 
Not applicable
(Former name or former address, if changed since last report)
 

 

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
  o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
TABLE OF CONTENTS
 
Item 1.01. Entry into a material definitive agreement
Item 9.01. Financial statements and exhibits
Signature
Exhibit Index
 
 
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Item 1.01.  Entry into a material definitive agreement
 
On December 15, 2008, Greenlight Reinsurance, Ltd. (the “Company”), the principal subsidiary of Greenlight Capital Re, Ltd., entered into a deed of novation with Unicredit Bank Cayman Islands Ltd (“Unicredit Bank”) (formerly known as Bank Austria Cayman Islands Ltd), and Butterfield Bank (Cayman) Limited (“Butterfield Bank”). The novation provides for the letter of credit agreement dated June 6, 2007, between Unicredit Bank and the Company to be transferred to Butterfield Bank effective from December 19, 2008. The Company, concurrently entered into a novation agreement with Unicredit Bank, Butterfield Bank, and Goldman Sachs & Co to transfer Unicredit Bank’s security interest in the collateral pledged by the Company under the letter of credit facility to Butterfield Bank. All other terms and conditions of the original letter of credit agreement and the securities control agreement, including the covenants, remained unchanged.
 
Item 9.01. Financial statements and exhibits
 
(d)  Exhibits
 
 
10.1
Deed of Novation date December 15 2008, by and among Unicredit Bank Cayman Islands Ltd., Butterfield Bank (Cayman) Limited, and Greenlight Reinsurance, Ltd.
 
 
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SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated: December 22, 2008
GREENLIGHT CAPITAL RE, LTD.
     
 
By:
­­­­­­­­­­­­­­­/s/ Tim Courtis_________________________      
   
Tim Courtis
   
Chief Financial Officer
 
 
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EXHIBIT INDEX
 
Exhibit Number
Description of Document
 
10.1
Deed of Novation dated December 15, 2008, between Unicredit Bank Cayman Islands Ltd., Butterfield Bank (Cayman) Limited, and Greenlight Reinsurance, Ltd.
 
 


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