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Global Indemnity’s 7.875% $25-par notes due 2047 admitted to Nasdaq
By Stephanie N. Rotondo
Seattle, April 10 – Global Indemnity Ltd.’s $130 million of 7.875% $25-par subordinated notes due 2047 began trading on the Nasdaq Global Select Market under the ticker symbol “GBLIL” on Monday, according to a market source.
The company initially sold $120 million of the notes on March 16. On March 30, it was announced that $10 million of an $18 million greenshoe had been exercised.
The deal came upsized from $75 million and came at the tight end of the 7.875% to 8% price talk.
Morgan Stanley & Co. LLC, UBS Securities LLC and RBC Capital Markets are the joint bookrunners.
Interest will be payable quarterly.
The notes become redeemable on April 15, 2022 at par plus accrued interest.
The Cayman Islands-based insurance company will use proceeds for general corporate purposes, including financing acquisitions, ordinary share repurchases, debt repayment and net underwriting capacity expansion.
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