By Wendy Van Sickle
Columbus, Ohio, Nov. 1 – Sirius International Insurance Group, Ltd., through indirectly wholly owned subsidiary Sirius International Group, Ltd., issued $400 million of 4.6% senior notes due Nov. 1, 2026 at a price of 99.209, according to a press release.
About two-thirds of the notes were allocated to institutional investors in Asia, reflecting the strategic initiative of Sirius Group to develop its capital market presence in Asia following its recent acquisition by CM International Holding Pte. Ltd, the Singapore-based investment arm of China Minsheng Investment Corp., Ltd., according to the release.
The remainder was allocated to investors in the United States and Europe.
Proceeds are planned to be used to redeem or repurchase at or prior to maturity Sirius’$389.7 million of 6.375% senior unsecured notes due 2017. Sirius Group expects to see yearly pre-tax savings on interest payments of about $7 million as a result of the refinancing.
Sirius Group is a Bermuda based holding company with reinsurance operating companies in Bermuda, Stockholm, New York and London.
| Issuer: | Sirius International Group, Ltd.
|
| Amount: | $400 million
|
| Maturity: | Nov. 1, 2026
|
| Securities: | Senior notes
|
| Coupon: | 4.6%
|
| Price: | 99.209
|
| Announcement date: | Nov. 1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
