Bermuda announces pricing, results of tender offers for four series

By Taylor Fox

New York, Aug. 17 – Bermuda announced the pricing terms of its offers to purchase for cash up to $500 million of its outstanding senior notes in four series, according to a press release.

As previously reported, the offers to purchase, dated Aug. 10, expired at 8 a.m. ET on Aug. 17.

The aggregate principal amount of each series of existing notes validly tendered prior to the expiration time and accepted for purchase and each purchase price per $1,000 of notes, set at 2 p.m. ET Aug. 17, are as follow:

• $121,095,000, or 25.49%, at a purchase price of $1,070.14, of the $475 million 4.138% senior notes due 2023 (Cusips: G10367AA1, 085209AB0) was validly tendered;

• $147,797,000, or 26.87%, at a purchase price of $1,109.77, of the $550 million 4.854% senior notes due 2024 (Cusips: G10367AB9, 085209AC8), was validly tendered;

• $97,914,000, or 14.72%, at a purchase price of $1,092.49, of the $665 million 3.717% senior notes due 2027 (Cusips: G10367AD5, 085209AD6), was validly tendered; and

• $170,732,000, or 27.54%, at a purchase price of $1,169.57, of the $620 million 4¾% senior notes due 2029 (Cusips: G10367AF0, 085209AF1), was validly tendered.

Payment for existing notes accepted for purchase will be made on the settlement date on Aug. 20. Accrued interest will be payable in cash in addition to the purchase price.

Goldman Sachs & Co. LLC (212 357-1452, 800 828-3182, GS-LM-NYC@gs.com) and HSBC Securities (USA) Inc. (212 525-5552, 888 HSBC 4LM) are dealer managers for the offerings.

The tender and information agent is Global Bondholder Services Corp.

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