HAMILTON, Bermuda, April 04, 2024 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. ("SiriusPoint" or the "Company") (NYSE: SPNT) announced today the results of the pricing of its previously announced cash tender offer (the "Tender Offer") for any and all of its 4.600% Senior Notes due 2026 (the "2026 Notes").
The Tender Offer and related consent solicitation (the "Consent Solicitation") were made pursuant to an Offer to Purchase and Consent Solicitation Statement, dated March 21, 2024 (as may be amended or supplemented from time to time, the "Offer to Purchase").
The table below sets forth the Total Consideration and summarizes certain pricing terms for the Tender Offer:
Title of Security | | CUSIP Number & ISIN (144A / Reg S) | | Principal Amount Outstanding | | Reference Treasury Security(1) | | Bloomberg Reference Page | | Reference Yield(1) | | Fixed Spread (bps) | | Early Tender Payment (per $1,000) | | Total Consideration (per $1,000)(2) |
4.600% Senior Notes due 2026 | | 82968FAA2 / G8201FAA7 US82968FAA21 / USG8201FAA78 | | $400,000,000 | | 1.875% UST due July 31, 2026 | | FIT5 | | 4.618% | | +45 | | $50 | | $1,000.00 |
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(1) Calculated based on the bid-side price of the Reference Treasury Security as quoted on the Bloomberg Reference Page at 10:00 a.m., New York City time, on April 4, 2024.
(2) The total consideration offered per $1,000 principal amount of 2026 Notes validly tendered and accepted for purchase prior to the Early Expiration Time (as defined below) pursuant to the Tender Offer (the "Total Consideration") was determined by the Dealer Managers (as defined below) in the manner described in the Offer to Purchase and was made equal to the greater of (x) the sum of the present value of the remaining payments of principal and interest on the 2026 Notes from the settlement date to (but excluding) August 1, 2026 (three months prior to the maturity date of the 2026 Notes), at a discount rate equal to the sum of the Fixed Spread plus the Reference Yield and (y) $1,000.
The Total Consideration includes an early tender payment of $50 for each $1,000 principal amount of 2026 Notes to holders who validly tender 2026 Notes and deliver consents by a deadline of 5:00 p.m., New York City time, on April 4, 2024, unless extended or earlier terminated by SiriusPoint (the "Early Expiration Time"). The 2026 Notes tendered may be withdrawn and consents for the Proposed Amendment delivered may be revoked at any time prior to the Early Expiration Time, but not thereafter, except as may be required by applicable law. Those who validly tender 2026 Notes and deliver consents before the Early Expiration Time will receive the Total Consideration for each $1,000 principal amount of accepted 2026 Notes. Those who validly tender 2026 Notes and deliver consents after the Early Expiration Time will receive the Total Consideration, less $50, for each $1,000 principal amount of accepted 2026 Notes. In each case, holders of such accepted 2026 Notes will receive accrued and unpaid interest to (but excluding) the settlement date. The Tender Offer expires at 5:00 p.m., New York City time, on April 19, 2024, unless extended or earlier terminated by SiriusPoint (the "Tender Offer Expiration").
SiriusPoint intends to initiate settlement for Notes validly tendered by the Early Expiration Time on April 5, 2024. SiriusPoint's obligation to accept for purchase, and to pay for, 2026 Notes validly tendered and not validly withdrawn pursuant to the Tender Offer and the Consent Solicitation is conditioned upon the satisfaction or, when applicable, waiver of certain conditions, which are more fully described in the Offer to Purchase, including, among others, a financing condition requiring the consummation of a notes offering described therein. In addition, subject to applicable law, SiriusPoint has reserved the right, in its sole discretion, to (i) extend, terminate or withdraw the Tender Offer or the Consent Solicitation at any time or (ii) otherwise amend the Tender Offer or the Consent Solicitation in any respect at any time and from time to time. SiriusPoint has further reserved the right, in its sole discretion, not to accept any tenders of 2026 Notes or deliveries of consents with respect to the 2026 Notes.
BMO Capital Markets Corp., HSBC Securities (USA) Inc., Jefferies LLC and J.P. Morgan Securities LLC have acted as dealer managers for the Tender Offer and as solicitation agents for the Consent Solicitation (the "Dealer Managers"). For questions regarding the Tender Offer and the Consent Solicitation, the Dealer Managers can be contacted as follows: BMO Capital Markets Corp. at (833) 418-0762, HSBC Securities (USA) Inc. at (888) 472-2456, Jefferies LLC at (877) 877-0696 and J.P. Morgan Securities LLC at (866) 834-4666.
Copies of the Offer to Purchase have been made available to holders of 2026 Notes from D.F. King & Co., Inc., the information agent and the tender agent for the Tender Offer and the Consent Solicitation. Requests for copies of the Offer to Purchase should be directed to D.F. King & Co., Inc. toll-free at (866) 388-7535 or SPNT@dfking.com.
百慕大汉密尔顿,2024年4月4日(环球新闻专线)——SiriusPoint Ltd.(“SiriusPoint” 或 “公司”)(纽约证券交易所代码:SPNT)今天公布了其先前宣布的2026年到期的所有4.600%优先票据(“2026年票据”)的现金要约(“要约”)的定价结果。
要约和相关同意征集(“征求同意书”)是根据2024年3月21日的收购要约和同意征求声明(“收购要约”)进行的(可能会不时修订或补充,即 “收购要约”)。
下表列出了总对价,并总结了要约的某些定价条款:
安全标题 | | CUSIP 号码和 ISIN (144A /Reg S) | | 校长 金额 杰出 | | 参考 国库安全 (1) | | 彭博参考资料 页面 | | 参考 收益率 (1) | | 已修复 传播 (bps) | | 提前招标 付款 (每 1,000 美元) | | 总对价 (每 1,000 美元)(2) |
4.600% 老年人 到期票据 2026 | | 82968FAA2/ G8201FAA7 US82968FAA21/USG8201FAA78 | | 400,000,000 美元 | | 1.875% 将于7月31日到期 2026 | | FIT5 | | 4.618% | | +45 | | 50 美元 | | 1,000.00 美元 |
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(1) 根据彭博参考页面在纽约时间2024年4月4日上午10点报价的参考国债的投标方价格计算。
(2) 根据要约在提前到期时间(定义见下文)之前有效投标并接受购买的2026张票据的1,000美元本金的总对价(“总对价”)由交易商经理(定义见下文)按照收购要约中所述的方式确定,等于(x)中较高者为2022年剩余本金和利息支付的现值总和 6 自结算日至 2026 年 8 月 1 日(但不包括)(结算日前三个月)的票据2026年票据的到期日),贴现率等于固定利差加上参考收益率和(y)1,000美元的总和。
总对价包括向在纽约时间2024年4月4日下午5点截止日期之前有效投标2026年票据并交付同意书的持有人提前支付2026年票据每1,000美元本金50美元的投标,除非SiriusPoint延长或提前终止(“提前到期时间”)。除非适用法律要求,否则投标的2026年票据可以在提前到期时间之前的任何时候撤回和对拟议修正案的同意,但此后不可撤销。那些在提前到期时间之前有效投标2026年票据并交付许可的人将获得已接受的2026年票据每1,000美元本金的总对价。那些有效投标2026年票据并在提前到期后交付同意书的人将获得已接受的2026年票据每1,000美元本金的总对价减去50美元。在每种情况下,此类已接受的2026年票据的持有人将在结算日(但不包括)收到应计和未付利息。除非SiriusPoint延长或提前终止要约(“要约到期”),否则要约将于纽约时间2024年4月19日下午5点到期。
SiriusPoint打算对在2024年4月5日提前到期时间之前有效投标的票据启动结算。根据要约和征求同意书,SiriusPoint有义务接受有效投标且未有效撤回的2026年票据的购买和付款,前提是满足或豁免某些条件,这些条件在购买要约中有更全面的描述,包括要求完成其中所述票据发行的融资条件等。此外,在适用法律的前提下,SiriusPoint保留自行决定以下权利:(i)随时延长、终止或撤回要约或征求同意书,或(ii)随时不时以其他方式修改要约或征求同意书。SiriusPoint还保留自行决定不接受任何2026年票据投标或与2026年票据有关的同意书交付的权利。
BMO Capital Markets Corp.、汇丰证券(美国)有限公司、杰富瑞集团和摩根大通证券有限责任公司曾担任要约的交易商经理和征求同意的招标代理人(“交易商经理”)。有关要约和征求同意的问题,可以通过以下方式联系交易商经理:BMO资本市场公司(833)418-0762,汇丰证券(美国)公司(888)472-2456,杰富瑞有限责任公司致电(877)877-0696,摩根大通证券有限责任公司致电(866)834-4666。
收购要约的副本已提供给来自D.F. King & Co., Inc. 的2026年票据持有人,该公司是要约和征求同意书的信息代理人和投标代理人。索取收购要约副本的请求应发送至 D.F. King & Co., Inc. 的免费电话 (866) 388-7535 或 SPNT@dfking.com。