Enstar Group Limited Announces Pricing of Senior Notes
May 22 2019 - 4:54PM
Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) today announced the
pricing of $500,000,000 million aggregate principal amount of its
4.950% Senior Notes due 2029 (the “Notes”). The offering is
expected to close on May 28, 2019, subject to satisfaction of
customary closing conditions.
Enstar intends to use the net proceeds from the offering to
repay approximately $250 million of borrowings outstanding under
its revolving credit facility and term loan facility, and for
general corporate purposes, including, but not limited to, funding
for acquisitions, working capital and other business opportunities.
Wells Fargo Securities, HSBC, J.P. Morgan, SunTrust Robinson
Humphrey, Barclays and nabSecurities, LLC are acting as joint
book-running managers for the offering, Scotiabank is acting as
senior co-manager, and Commonwealth Bank of Australia, ING and
Lloyds Securities are acting as co-managers.
The Notes are being offered pursuant to an effective shelf
registration statement that has previously been filed with the U.S.
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 to
sell or solicitation to buy 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 Wells
Fargo Securities, LLC toll-free at 1-800-645-3751 (or by emailing
wfscustomerservice@wellsfargo.com), HSBC Securities (USA) Inc. at
1-866-811-8049, J.P. Morgan Securities LLC collect at
1-212-834-4533, or SunTrust Robinson Humphrey, Inc. toll-free at
1-800-685-4786.
About Enstar
Enstar is a multi-faceted insurance group, with approximately
$18.1 billion in assets, 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 95 companies and
portfolios since its formation in 2001. 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.
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, 2018, 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: Guy BowkerTelephone: +1 (441) 292-3645
Enstar (NASDAQ:ESGR)
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