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Sompo launches tender offer for 7% notes due 2034
By Marisa Wong
Morgantown, W.Va., June 20 – Sompo International Holdings Ltd. said it has begun a cash tender offer for any and all of its $335 million outstanding 7% senior notes due 2034.
The tender offer will expire at 5 p.m. ET on June 26.
Notes tendered under guaranteed delivery procedures must be delivered by 5 p.m. ET on the second business day after the expiration of the offer.
The total consideration will be calculated using a fixed-spread pricing formula linked to the yield on the bid-side price of the U.S. Treasury reference security as of 2 p.m. ET on June 26. The reference security is the 2.375% note due May 15, 2029, and the fixed spread is 205 basis points.
The settlement date is expected to occur on the next business day following the expiration time, and the guaranteed delivery settlement date is expected to occur two business days after that.
The company will pay accrued interest up to but excluding the settlement date. However, notes tendered through the guaranteed delivery procedures will not receive accrued interest from the settlement date through the guaranteed delivery settlement date.
Tenders may be withdrawn at any time on or prior to the earlier of the expiration time and, in the event that the offer is extended, the 10th business day after the start of the offer; provided that tenders may also be withdrawn at any time after the 60th business day after the start of the offer if for any reason the offer has not been completed within 60 business days.
Mizuho Securities USA LLC (212 205-7736 or 866 271-7403) and Wells Fargo Securities, LLC (704 410-4756 or 866 309-6316) are the dealer managers for the tender offer.
Global Bondholder Services Corp. (212 430-3774 for banks and brokers, 866 470-4300, contact@gbsc-usa.com or https://gbsc-usa.com/sompo/) is the information and tender agent.
Sompo is a Pembroke, Bermuda-based specialty provider of property and casualty insurance and reinsurance.
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