SiriusPoint to sell senior notes via four bookrunners

By Mary-Katherine Stinson

Lexington, Ky., March 21 – SiriusPoint Ltd. is in the market with a senior note offering, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will feature a make-whole call until three months before maturity. On or after that date, the notes will be callable at par provided the BMA redemption requirements have been met.

Joint bookrunners for the offering are BMO Capital Markets Corp., HSBC Securities (USA) Inc., Jefferies LLC and J.P. Morgan Securities LLC. HSBC and Jefferies are also acting as structuring advisers on the transaction.

Bank of New York Mellon is the trustee.

Conyers Dill & Pearman Ltd. (Bermuda law) and Skadden, Arps, Slate, Meagher & Flom LLP (U.S. law) are legal counsel for SiriusPoint.

Cleary Gottlieb Steen & Hamilton LLP will advise the underwriters as to legal matters.

Concurrently with this offering, SiriusPoint is launching a tender offer and consent solicitation for any and all of its 4.6% senior notes maturing Nov. 1, 2026 and announcing the redemption of its 7% senior notes maturing Feb. 13, 2025.

Proceeds from the offering, along with cash on hand, will be used to fund the tender offer with any remaining proceeds used for general corporate purposes, which may include redemptions (including that of the 2025 notes), repurchases or repayment of debt at maturity.

SiriusPoint, formerly named Third Point Reinsurance Ltd., is an international specialty insurance and reinsurance company created from the combination of a subsidiary of the company with Sirius Group. Principal offices are in Pembroke, Bermuda.

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