Enstar Group begins tender offer for 4½% senior notes due 2022

By Marisa Wong

Los Angeles, Aug. 16 – Enstar Group Ltd. announced it has begun a cash tender offer for any and all of its $350 million outstanding 4½% senior notes due 2022 (Cusip: 29359UAA7).

The purchase price will be calculated using a fixed spread of 40 basis points over the yield based on the bid side price of the 2.375% U.S. Treasury due March 15, 2022. Pricing will be determined at 2 p.m. ET on Aug. 20.

The company will also pay accrued interest.

The offer expires at 5 p.m. ET on Aug. 20.

Tenders through guaranteed delivery procedures are due by 5 p.m. ET on Aug. 24.

Settlement is slated for Aug. 25.

The tender offer is not conditioned on any minimum amount being tendered but is subject to a financing condition. Specifically, the offer is conditioned on Enstar completing one or more debt capital markets issuances totaling at least $350 million.

Wells Fargo Securities, LLC (866 309-6316 or 704 410-4756), Barclays (800 438-3242 or 212 528-7581) and HSBC Securities (USA) Inc. (888 HSBC-4LM or 212 525-5552) are dealer managers for the tender offer.

D.F. King & Co., Inc. (212 269-5550 for banks and brokers only, 866 207-3626 for all others; enstar@dfking.com) is the information and tender agent.

Enstar is an insurance group based in Hamilton, Bermuda.

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