Global Indemnity Limited Announces Pricing of $120 Million Subordinated Note Offering
March 16 2017 - 6:28PM
GEORGE TOWN, Cayman Islands, March 16, 2017 (GLOBE
NEWSWIRE) -- 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
subsidiaries
Global 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
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: Global Indemnity Limited via Globenewswire
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