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Beazley Group tenders for £102.65 million fixed-to-floaters due 2026
By Susanna Moon
Chicago, Feb. 7 - Beazley Group Ltd. said it began a cash tender offer for its £102,652,000 of outstanding £150 million fixed-to-floating subordinated notes due 2026.
The company will pay par plus accrued interest to the settlement date of Feb. 20.
The tender offer will end at noon ET on Feb. 14.
The purpose of the tender offer is to boost the issuer's flexibility to manage its business by removing its commitment to maintain a rating for the notes, according to a company press release.
The issuer will fund the offer with existing resources.
J.P. Morgan Securities plc (+44 207 134 2468 or +44 207 134 3414, attn.: FIG syndicate/liability management, or e-mail: FIG_Syndicate@jpmorgan.com / emea_lm@jpmorgan.com) is the dealer manager.
Lucid Issuer Services Ltd. (+44 20 7704 0880, attn: Thomas Choquet/Victor Parzyjagla, or e-mail: beazley@lucid-is.com) is the tender agent.
Beazley is the Dublin-based parent company of specialist insurance businesses with operations in Europe, the United States, Asia and Australia.
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