By Andrea Heisinger
New York, March 24 - Endurance Specialty Holdings Ltd. reopened its issue of 7% senior unsecured notes due 2034 to add $85 million, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB+/) priced at 94.976 to yield 7.449% with a spread of Treasuries plus 285 basis points. There is a make-whole call of 30 bps over Treasuries.
Total issuance is $335 million, including $250 million of notes issued on July 15, 2004.
Bank of America Merrill Lynch ran the books. Joint lead managers were J.P. Morgan Securities Inc. and Wells Fargo Securities.
Proceeds are being used for general corporate purposes.
The property and casualty insurance and reinsurance company is based in Pembroke, Bermuda.
| Issuer: | Endurance Specialty Holdings Ltd.
|
| Issue: | Senior unsecured notes, reopened
|
| Amount: | $85 million
|
| Maturity: | July 15, 2034
|
| Bookrunner: | Bank of America Merrill Lynch
|
| Joint lead managers: | J.P. Morgan Securities Inc., Wells Fargo Securities
|
| Coupon: | 7%
|
| Price: | 94.976
|
| Yield: | 7.449%
|
| Spread: | Treasuries plus 285 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | March 23
|
| Settlement date: | March 26
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Total issuance: | $335 million, including $250 million issued on July 15, 2004
|
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