By Andrea Heisinger
New York, Jan. 21 - Validus Holdings, Ltd. priced $250 million of 8.875% 30-year senior unsecured notes on Thursday to yield 9%, an informed source said.
The deal went overnight from Wednesday.
The notes (Baa2/BBB-/) priced at 98.71 with a spread of Treasuries plus 449.8 basis points. They are callable at a make-whole amount of Treasuries plus 50 bps.
Goldman Sachs & Co., Deutsche Bank Securities and J.P. Morgan Securities were bookrunners.
Proceeds will be used for general corporate purposes.
The issuer provides reinsurance and insurance through subsidiaries and is based in Bermuda.
| Issuer: | Validus Holdings, Ltd.
|
| Issue: | Senior unsecured notes
|
| Amount: | $250 million
|
| Maturity: | Jan. 26, 2040
|
| Bookrunners: | Goldman Sachs & Co., Deutsche Bank Securities, J.P. Morgan Securities
|
| Coupon: | 8.875%
|
| Price: | 98.71
|
| Yield: | 9%
|
| Spread: | Treasuries plus 449.8 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 26
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
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