Bermuda prices tender considerations for senior notes due 2023, 2024

By Devika Patel

Knoxville, Tenn., July 12 – Bermuda has priced its cash tender offers for two of its senior notes, according to a press release. The offer has a cap that will be announced at a later time.

The tender offers cover the $353,905,000 outstanding 4.138% senior notes due Jan. 3, 2023 (Cusips: G10367AA1, G10367AB9) and the $402,203,000 outstanding 4.854% senior notes due Feb. 6, 2024 (Cusip: 085209AC8).

For each $1,000 of 2023 notes, the company will pay $1,004.93.

For each $1,000 of 2024 notes, the company will pay $1,021.58.

Pricing considerations were calculated using the 1/8% U.S. Treasury due Dec. 31, 2022 plus 35 basis points for the 2023 notes and the 7/8% U.S. Treasury due Jan. 31, 2024 plus 35 bps for the 2024 notes.

Accrued interest will also be paid to the settlement date.

The offer is scheduled to expire at 5 p.m. ET on July 12.

Settlement is planned for July 15.

The offer is subject to a new notes offering. Bermuda priced $500 million of 5% 10-year notes on Monday.

There are no guaranteed delivery procedures.

The dealer managers for the tender offers are Goldman Sachs & Co. LLC (212 357-1452, 800 828-3182) and HSBC Securities (USA) Inc. (212 525-5552, 888 HSBC 4LM).

Global Bondholder Services Corp. is the tender and information agent (212 430-3774, 855 654-2014, contact@gbsc-usa.com).

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