Enstar Group Limited and Enstar Finance LLC Enter into Underwriting Agreement with Wells Fargo Securities, LLC , Barclays Capital Inc., HSBC Securities Inc. and J.P. Morgan Securities LLC, as Representatives of the Several Underwriters Named Therein, for the Issuance and Sale of $350 Million Aggregate Principal Amount of 5.75% Fixed-Rate Reset Junior Subordinated Notes Due 2040
August 25, 2020 at 04:23 pm
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On August 19, 2020, Enstar Group Limited ("the Company”) and its wholly-owned subsidiary, Enstar Finance LLC (“Enstar Finance”), entered into an Underwriting Agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, Barclays Capital Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named therein, for the issuance and sale of $350 million aggregate principal amount of 5.75% Fixed-Rate Reset Junior Subordinated Notes due 2040 (the “Junior Subordinated Notes”). The Junior Subordinated Notes will be issued by Enstar Finance and fully and unconditionally guaranteed, on a junior subordinated basis, by the Company. The sale of the Junior Subordinated Notes has been registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to an automatic shelf registration statement (the “Registration Statement”) on Form S-3 (File Nos. 333-247995 and 333-247995-01) filed with the Securities and Exchange Commission on August 17, 2020.
Enstar Group Limited is a global (re)insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, and Australia. Its segments include Run-off, Assumed Life, Investments, and Legacy Underwriting. The Run-off segment consists of its acquired property and casualty and other (re)insurance business. Assumed Life segment consists of life and catastrophe business that it assumed via the acquisition of the controlling interest in Enhanzed Reinsurance, Ltd. (Enhanzed Re). Investments segment consists of its investment activities and the performance of its investment portfolio, excluding those investable assets attributable to its underwriting segment. Its services to the re/insurance industry range from full-service, incentive-based run-off management to client-specific solutions, such as claims inspection and validation, reinsurance asset collection, syndicate management, and IT consulting.
Enstar Group Limited and Enstar Finance LLC Enter into Underwriting Agreement with Wells Fargo Securities, LLC , Barclays Capital Inc., HSBC Securities Inc. and J.P. Morgan Securities LLC, as Representatives of the Several Underwriters Named Therein, for the Issuance and Sale of $350 Million Aggregate Principal Amount of 5.75% Fixed-Rate Reset Junior Subordinated Notes Due 2040