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Swiss Res Aquarius begins tender offer for 250 million 2043 notes
By Marisa Wong
Los Angeles, Oct. 7 Aquarius + Investments plc announced an invitation to holders of its 1 billion limited recourse secured notes due 2043 (ISIN: XS0897406814) to tender their notes for purchase for cash up to a maximum acceptance amount of 250 million.
The company may choose to increase or decrease the maximum acceptance amount, according to a notice.
The purchase price will be based on the interpolated mid-swap rate and a purchase spread of 40 basis points and calculated using the first call date of Oct. 2, 2023.
The offer expires at 11 a.m. ET on Oct. 13. Indicative results will be announced on Oct. 14.
Pricing will be determined at or around 6 a.m. ET on Oct. 14 and announced, along with final results, soon after that on the same date.
Settlement is expected to be on Oct. 18.
The tender offer is being made in addition to an offer by Zurich Insurance Co. Ltd. Zurich Insurance has offered to purchase from Aquarius an aggregate principal amount of 1 billion of fixed-to-floating dated subordinated notes due 2043 up to a maximum principal amount equal to the maximum acceptance amount under the tender offer.
The tender offer is conditioned on the Zurich Insurance loan notes offer.
The dealer managers for the tender offer are BNP Paribas (+33 1 55 77 78 94; attn.: liability management group; liability.management@bnpparibas.com) and Credit Agricole CIB (+44 20 7214 5903; attn.: liability management; liability.management@ca-cib.com).
BNP Paribas, Luxembourg Branch (+352 2696 62301; attn.: corporate trust operations; lu_bp2s_offer@bnpparibas.com) is the tender agent.
Aquarius is a Dublin-based special purpose entity for Zurich-based reinsurance company Swiss Reinsurance Co. Ltd.
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