Enstar Group Limited Announces Pricing of Senior Notes
March 07 2017 - 4:16PM
HAMILTON, Bermuda, March 07, 2017
(GLOBE NEWSWIRE) -- Enstar Group Limited ("Enstar") (Nasdaq:ESGR)
today announced the pricing of $350 million aggregate principal
amount of its 4.500% Senior Notes due 2022 (the "Notes"). The
offering is expected to close on March 10, 2017, subject to
satisfaction of customary closing conditions.
Enstar intends to use the net
proceeds from the offering for the repayment of amounts outstanding
under its credit facilities and any remaining net proceeds will be
used for general corporate purposes. Barclays, Wells Fargo
Securities, Lloyds Securities and SunTrust Robinson Humphrey are
acting as joint book-running managers for the offering, and
nabSecurities, LLC is acting as co-manager.
The Notes are being offered pursuant
to an effective shelf registration statement that has previously
been filed with the Securities and Exchange Commission (the "SEC").
This press release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. Any offer, or solicitation to buy, if at all, will be
made solely by means of a prospectus and related prospectus
supplement filed with the SEC. You may obtain these documents
without charge from the SEC at www.sec.gov. Alternatively, you
may request copies of these materials from the joint book-running
managers by contacting Barclays Capital Inc. by calling toll-free
1-888-603-5847 or
emailing barclaysprospectus@broadridge.com or Wells Fargo
Securities, LLC by calling toll-free: 1-800-645-3751 or
emailing wfscustomerservice@wellsfargo.com.
About Enstar
Enstar is a multi-faceted insurance
group that offers innovative capital release solutions and
specialty underwriting capabilities through its network of group
companies in Bermuda, the United States, the United Kingdom,
Continental Europe, Australia, and other international locations.
Enstar is a market leader in completing legacy acquisitions, having
acquired over 75 companies and portfolios since its formation in
2001, and has over $12 billion in total assets. Enstar's active
underwriting businesses include the StarStone group of companies,
an A- rated global specialty insurance group with multiple global
underwriting platforms, and the Atrium group of companies, which
manage and underwrite specialist insurance and reinsurance business
for Lloyd's Syndicate 609. For further information about Enstar,
see www.enstargroup.com.
Cautionary Statement
This press release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements include
statements regarding the intent, belief or current expectations of
Enstar and its management team. Investors are cautioned that any
such forward-looking statements speak only as of the date they are
made, are not guarantees of future performance and involve risks
and uncertainties, and that actual results may differ materially
from those projected in the forward-looking statements as a result
of various factors. Important risk factors regarding Enstar can be
found under the heading "Risk Factors" in Enstar's Form 10-K for
the year ended December 31, 2016 and are incorporated herein by
reference. Furthermore, Enstar undertakes no obligation to update
any written or oral forward-looking statements or publicly announce
any updates or revisions to any of the forward-looking statements
contained herein, to reflect any change in its expectations with
regard thereto or any change in events, conditions, circumstances
or assumptions underlying such statements, except as required by
law.
Contact: Mark Smith
Telephone: +1 (441) 292-3645
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Enstar Group Limited via Globenewswire
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