OneBeacon tenders for up to $150 million of 5.875% notes due 2013

By Jennifer Chiou

New York, March 24 - OneBeacon Insurance Group, Ltd. announced that its indirect wholly owned subsidiary, OneBeacon U.S. Holdings, Inc., started an up to $150 million cash tender offer for its $469,182,000 of outstanding 5.875% senior notes due 2013.

The offer will end at 11:59 p.m. ET on April 20.

Holders who tender prior to 5 p.m. ET on April 6, the early tender deadline, will receive $1,075 for each $1,000 principal amount of notes. The total consideration includes a $30 early tender payment.

Of the total amount outstanding, one of the company's subsidiaries holds $49,318,000 of the notes and will not participate in the offer.

The withdrawal deadline coincides with the early deadline.

Barclays Capital Inc. (800 438-3242 or call collect 212 528-7581) is the lead dealer manager, and Merrill Lynch, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are the co-dealer managers. Bondholder Communications Group, LLC (888 385-2663 or 809-2663, attn: Olivia Banks) is the tender agent and information agent.

There is no minimum tender condition.

OneBeacon, formerly known as Fund American Cos., Inc., is a Bermuda-domiciled holding company.

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