By Cristal Cody
Tupelo, Miss., Dec. 10 – Ascot Group Ltd. priced $400 million of 4.25% 10-year senior notes (BBB) on Wednesday in a Rule 144A and Regulation S offering at a spread of 332.1 basis points over Treasuries, according to a market source.
Initial price talk was in the 4.5% area.
BofA Securities, Inc., Scotia Capital (USA) LLC and Wells Fargo Securities, LLC were the bookrunners.
Ascot Group is a Bermuda-based specialty insurance and reinsurance company that is owned by the Canada Pension Plan Investment Board.
Issuer: | Ascot Group Ltd.
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Amount: | $400 million
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Description: | Senior notes
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Maturity: | Dec. 15, 2030
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Bookrunners: | BofA Securities, Inc., Scotia Capital (USA) LLC and Wells Fargo Securities, LLC
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Coupon: | 4.25%
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Spread: | Treasuries plus 332.1 bps
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Call features: | Five years
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Trade date: | Dec. 9
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Settlement date: | Dec. 15
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Rating: | S&P: BBB
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Distribution: | Rule 144A and Regulation S
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Price guidance: | 4.5% area
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