Enstar Group Limited Concludes Successful Cash Tender Offer
Enstar Group Limited Completes Cash Tender Offer Results
HAMILTON, Bermuda – Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) has officially announced the outcome of its recent cash tender offer for the 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040. This initiative was undertaken by Enstar’s wholly owned subsidiary, Enstar Finance LLC, supported by Enstar's guarantee on a junior subordinated basis.
Tender Offer Expiration Announcement
The cash tender offer, aimed at acquiring any and all outstanding notes, concluded at the specified deadline of 5:00 p.m. on the designated date. According to data compiled by D.F. King & Co., Inc., the Information and Tender Agent, the amount of Notes that were validly tendered up until the expiration time has been quantified. Importantly, the reported figures exclude a remaining aggregate principal amount that is still subject to guaranteed delivery procedures.
Details of the Notes
Here are the key specifics regarding the notes from the tender offer:
- Title of the Notes: 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040
- CUSIP Number/ISIN: 29360A AA8 / US29360AAA88
- Outstanding Principal Amount: $350,000,000
- Aggregate Principal Amount Tendered: $232,560,000
Settlement Expectations
Enstar anticipates purchasing all Notes that were validly tendered and not withdrawn prior to the expiration. Settlement for the accepted Notes is expected shortly and Enstar will pay $1,000 for each $1,000 principal amount of Notes, along with accrued interest from the last payment date up to the settlement date.
Management and Execution of the Tender Offer
The execution of the tender offer was facilitated by a reputable team, with Wells Fargo Securities, LLC, Barclays Capital Inc., HSBC Securities (USA) Inc., SMBC Nikko Securities America, Inc., and Truist Securities, Inc. acting as the Dealer Managers for the initiative. D.F. King & Co., Inc. fulfilled the role of Information and Tender Agent.
About Enstar Group Limited
Enstar is recognized as a prominent global insurance group listed on NASDAQ. The company provides innovative solutions for capital release, operating through a well-established network of subsidiaries across multiple regions including Bermuda, the United States, the United Kingdom, Liechtenstein, Belgium, and Australia. As a market leader in legacy acquisitions, Enstar has successfully completed over 120 acquisitions since its inception, showcasing its expertise and commitment to growth.
Contact Information
For further inquiries, please reach out to Enstar Communications via telephone at +1 (441) 292-3645.
Frequently Asked Questions
What was the purpose of the cash tender offer by Enstar?
The cash tender offer was aimed at purchasing any and all outstanding Junior Subordinated Notes due 2040 to optimize capital structure.
What is the significance of the Notes due 2040?
The 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040 are a critical part of Enstar's financing strategy and capital management.
When is the settlement date for the tender offer?
Settlement for the accepted Notes is expected to take place shortly after the announcement.
Who managed the cash tender offer?
A team of reputable financial institutions including Wells Fargo Securities and Barclays Capital were appointed as Dealer Managers for the tender offer.
Where can I find more information about Enstar?
More detailed information about Enstar Group Limited's strategies and operations can be found on their official communications or through investor relations channels.
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