Oil Casualty Insurance gets consents to amend 8% subordinated notes

By Susanna Moon

Chicago, Sept. 30 – Oil Casualty Insurance, Ltd. said it obtained the needed consents to amend its 8% deferrable subordinated notes due Sept. 15, 2034.

The consent solicitation ended at 5 p.m. ET on Sept. 29. The solicitation began Sept. 22.

As previously announced, holders who delivered consents will receive a fee of $3.75 per $1,000 principal amount.

Oil Casualty needed approval from the holders of a majority of the notes to make the changes.

The company sought the following amendments, according to a previous company press release:

• To allow the company to implement a strategic plan with the goal of diversifying its policy issuance into adjacent industries and non-energy customers;

• To permit Oil Casualty to terminate its existing shareholders’ agreement, most of the provisions of which would be incorporated into the company’s bylaws; and

• To add an interest rate adjustment period tied to the rating assigned to the notes, during the continuation of which the notes would bear interest at 8˝%.

Barclays is solicitation agent (800 438-3242 or 212 528-7581). The information agent is MacKenzie Partners, Inc. (800 322-2885 or 212 929-5500).

Oil Casualty is a provider of excess property and liability insurance to energy companies and has headquarters in Bermuda.

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