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Beazley settles tenders for £30 million fixed-to-floating notes at 85
By Susanna Moon
Chicago, May 18 - Beazley Group Ltd. said it accepted for purchase tenders for £30,007,000 of its outstanding £150 million fixed-to-floating notes due 2026.
The offer began on May 10 and expired at noon ET on May 17. The issuer offered to purchase up to £35 million of the notes under a modified Dutch auction.
The purchase price was set at 85% of par, which was the minimum price under the offer, and all notes tendered on a non-competitive basis and notes tendered at a price equal to the purchase price were accepted in full, according to a company press release.
Holders also will receive accrued interest.
After settlement on May 22, there will be £119,993,000 of the notes outstanding.
The dealer manager is J.P. Morgan Securities Ltd. (+44 207 779 2468, +44 207 777 3548, attn: FIG syndicate/liability management, e-mail: FIG_Syndicate@jpmorgan.com/emea_lm@jpmorgan.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, attn: Thomas Choquet/Yves Theis, e-mail: beazley@lucid-is.com).
Beazley is the Dublin-based parent company of specialist insurance businesses with operations in Europe, the United States, Asia and Australia.
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