Global Indemnity Limited Announces Pricing of $120 Million Subordinated Note Offering
March 16 2017 - 6:23PM
Global Indemnity Limited (NASDAQ:GBLI) (the "Company" or "Global
Indemnity") today announced the pricing of an offering of $120
million of its 7.875% Subordinated Notes due 2047 (the "2047
Notes"). The Company has granted the underwriters a 30-day option,
expiring on April 15, 2017, to purchase up to an additional $18
million of the 2047 Notes from the Company on the same terms and
conditions. The Company expects the offering to close on March 23,
2017, subject to customary closing conditions. The 2047 Notes are
expected to trade on the NASDAQ Global Select Market under the
symbol "GBLIL". The Company intends to use the net proceeds from
the offering for general corporate purposes, which may include the
financing for acquisitions, repurchases of ordinary shares,
repayment of indebtedness, and expansion of the net underwriting
capacity of our insurance subsidiaries.
Morgan Stanley & Co. LLC, UBS Securities LLC and RBC Capital
Markets, LLC are acting as joint book-running managers for the
transaction.
This announcement does not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor will there be
any offer or sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful. The
2047 Notes may be offered only by means of a prospectus supplement
and accompanying base prospectus. You may obtain a copy of the
prospectus supplement and accompanying prospectus for free by
visiting EDGAR on the SEC website at www.sec.gov. Alternatively,
the underwriters may arrange to send you these documents if you
request them by contacting Morgan Stanley & Co. LLC, Attention:
Prospectus Department, 180 Varick Street, New York, NY 10014, or by
email at prospectus@morganstanley.com; from UBS Securities LLC,
1285 Avenue of the Americas, New York, NY 10019, Attention:
Prospectus Specialist, (888) 827-7275; or from RBC Capital Markets,
LLC, 200 Vesey Street, New York, NY 10281, (866) 375-6829, or by
email at rbcnyfixedincomeprospectus@rbccm.com.
About Global Indemnity and its
subsidiariesGlobal Indemnity Limited (NASDAQ:GBLI),
through its several direct and indirect wholly owned subsidiary
insurance and reinsurance companies, provides both admitted and
non-admitted specialty property and casualty insurance coverages
and individual policyholder coverages in the United States, as well
as reinsurance worldwide. Global Indemnity Limited’s three primary
segments are:
- United States Based Commercial Lines Operations
- United States Based Personal Lines Operations
- Bermuda Based Reinsurance Operations
Forward Looking Information
Forward-looking statements contained in this press release are
made under the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995 and involve a number of risks and
uncertainties that could cause actual results to differ materially
from the expectations expressed in the forward-looking statements.
Please see our periodic reports filed with the Securities and
Exchange Commission for a discussion of the risks and uncertainties
which may affect us and for a more detailed discussion of our
cautionary note regarding forward-looking statements. Global
Indemnity undertakes no intent or obligation to publicly update or
revise any of these forward looking statements, whether as a result
of new information, future events or otherwise, except as required
by law.
Contact:
Media
Stephen W. Ries
Senior Corporate Counsel
(610) 668-3270
sries@global-indemnity.com
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