SiriusPoint markets resale of 8% series B preference shares

Chicago, June 24 – SiriusPoint Ltd. is helping to sell $200 million, or 8 million, $25-par 8% series B resettable fixed-rate preference shares (BB+/BB+), according to a 424B7 filing with the Securities and Exchange Commission.

The preferreds were originally issued in exchange for the Sirius International Insurance Group, Ltd. series B preference shares held by four institutional investors, as part of the merger with Third Point Reinsurance Ltd., based on an archived Fitch Ratings release.

The selling shareholders are Bain Capital Special Situations Asia, LP, CCOF Onshore Co-Borrower LLC, Centerbridge Credit Partners Master, LP, Centerbridge Special Credit Partners III, LP and GPC Partners Investments (Canis) LP.

There will be an option for 30 days to purchase additional shares from the selling shareholders.

Dividends start at 8% until Feb. 26, 2026 when the rate resets to the five-year Treasury rate plus 7.298%.

The shares are redeemable on Feb. 26, 2026 and on any subsequent reset date at par plus unpaid dividends. The shares are also redeemable if there is a rating agency event.

The company will not receive proceeds from the sale, however it has agreed to pay certain registration expenses.

Joint bookrunners for the offer are Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC and Wells Fargo Securities, LLC.

SiriusPoint, formerly named Third Point Reinsurance Ltd., is an international specialty insurance and reinsurance company created from the combination of a subsidiary of the company with Sirius Group. Principal offices are in Pembroke, Bermuda.

© 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.