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Beazley Group holders tender £26.16 million fixed-to-floaters due 2026
By Angela McDaniels
Tacoma, Wash., Feb. 15 - Beazley Group Ltd. received tenders for £26,157,000 principal amount of its fixed-to-floating-rate subordinated notes due 2026, according to a company news release.
When the offer began on Feb. 7, £102,652,000 of the £150 million originally issued principal amount of notes was outstanding. Following settlement of the offer, £76,495,000 principal amount will remain outstanding.
The company will pay par plus accrued interest to the settlement date, Feb. 20.
The tender offer ended at noon ET on Feb. 14.
The company said the purpose of the tender offer was to boost its flexibility to manage its business by removing its commitment to maintain a rating for the notes.
The company will fund the offer with existing resources.
Beazley had considered issuing new sterling-denominated retails bonds. "However, given the majority of subordinated bondholders' wish to retain their holdings, Beazley continues to have sufficient debt capital and has therefore decided not to pursue a retail bond offer at this point in time," the company said in the news release.
The dealer manager was J.P. Morgan Securities plc (+44 207 134 2468, FIG_Syndicate@jpmorgan.com, +44 207 134 3414 or emea_lm@jpmorgan.com). The tender agent was Lucid Issuer Services Ltd. (contact Thomas Choquet/Victor Parzyjagla at +44 20 7704 0880 or beazley@lucid-is.com).
Beazley is the Dublin-based parent company of specialist insurance businesses.
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