New York, Sept. 25 – Sirius International Insurance Group, Ltd. sold SEK 1.25 billion of 30-year floating-rate callable subordinated notes (BB+/BB+) with a coupon of Stibor plus 400 basis points at par, according to a news release and a term sheet.
The notes are callable at par after five years.
HSBC Bank plc was structuring adviser and joint lead manager with Nordea Bank AB and DNB Bank ASA, Sweden Branch.
Sirius sold the notes under Regulation S.
Proceeds will be used to redeem the issuer’s perpetual non-cumulative preference shares and for other general corporate purposes.
The notes are expected to qualify as tier 2 capital.
Sirius is a Bermuda-based holding company for reinsurance operations in Bermuda, Stockholm, New York and London.
| Issuer: | Sirius International Insurance Group, Ltd.
|
| Issue: | Callable subordinated notes
|
| Amount: | SEK 1.25 billion
|
| Maturity: | Sept. 22, 2047
|
| Lead managers: | HSBC Bank plc (structuring adviser), Nordea Bank AB and DNB Bank ASA, Sweden Branch
|
| Coupon: | Stibor plus 400 bps
|
| Price: | Par
|
| Call: | Starting Sept. 22, 2022 at par
|
| Pricing date: | Sept. 19
|
| Settlement date: | Sept. 22
|
| Ratings: | S&P: BB+
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
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