QBE Insurance begins tender offer, consent solicitation for 3% notes

By Angela McDaniels

Tacoma, Wash., Feb. 26 – QBE Insurance Group Ltd. began a tender offer and consent solicitation for its 3% senior notes due 2022, according to a company news release.

The early deadline is March 8. The final deadline is March 25. Settlement is expected to occur March 28.

QBE is convening a noteholder meeting March 26 to approve amendments to the notes to enable it to redeem all, but not some, of the notes not purchased in the tender offer before their scheduled maturity.

The company said additional consideration will be paid to holders who tender their notes, or give instructions to vote in favor of the amendments, by the early deadline.

In addition to the purchase price, QBE will pay accrued interest on notes accepted for purchase under the tender offer.

Notes purchased in the tender offer will be canceled.

If the amendments to the notes are approved and become effective, QBE plans to redeem all remaining notes as soon as practical following settlement of the tender offer at par plus accrued interest.

The information, tabulation and tender agent is D.F. King Ltd. (https://sites.dfkingltd.com/qbe).

QBE is a Sydney, Australia, insurance and reinsurance company.

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