By Andrea Heisinger
New York, Jan. 21 - Validus Holdings, Ltd. priced $250 million of 8.875% 30-year senior unsecured notes on Thursday to yield 9%, an informed source said.
The deal went overnight from Wednesday.
The notes (Baa2/BBB-/) priced at 98.71 with a spread of Treasuries plus 449.8 basis points. They are callable at a make-whole amount of Treasuries plus 50 bps.
Goldman Sachs & Co., Deutsche Bank Securities and J.P. Morgan Securities were bookrunners.
Proceeds will be used for general corporate purposes.
The issuer provides reinsurance and insurance through subsidiaries and is based in Bermuda.
Issuer: | Validus Holdings, Ltd.
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Issue: | Senior unsecured notes
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Amount: | $250 million
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Maturity: | Jan. 26, 2040
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Bookrunners: | Goldman Sachs & Co., Deutsche Bank Securities, J.P. Morgan Securities
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Coupon: | 8.875%
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Price: | 98.71
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Yield: | 9%
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Spread: | Treasuries plus 449.8 bps
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Call: | Make-whole at Treasuries plus 50 bps
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Trade date: | Jan. 21
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Settlement date: | Jan. 26
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Ratings: | Moody's: Baa2
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| Standard & Poor's: BBB-
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