Hiscox solicits consents to amend subordinated notes due 2045

Chicago, June 3 – Hiscox Ltd. is soliciting consents to amend its £275 million outstanding fixed-to-floating rate callable subordinated notes due 2045 (ISIN: XS1323450236), according to a solicitation notice.

The solicitation, in two parts, refers to the underlying benchmark rate.

The company is ready to move to Sonia from Libor and an adjustment based on the difference between the rates will be made on the determination date.

The company notes that the initial margin of 407.6 basis points and the additional 100 bps step-up margin will remain unaltered.

Additionally, the company wants to include fallback provisions for Sonia in case a benchmark event occurs.

Noteholders should give instructions by noon ET on June 23.

A noteholder meeting will be held via teleconference on June 28 at 9 a.m. ET.

The changes will be implemented and announced as soon as reasonably practicable after the meeting.

A quorum at the meeting is necessary for the changes.

If the quorum condition is not met, another meeting will occur between 14 days and 42 days after the first meeting.

No fee will be paid in relation to the consent solicitation.

NatWest Markets plc is the solicitation agent (+44 20 7678 5222, NWMLiabilityManagement@natwestmarkets.com).

The tabulation agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, hiscox@lucid-is.com, www.lucid-is.com/hiscox).

Hiscox is an Anglo-Bermudian insurance provider listed on the London Stock Exchange. Headquarters are in Hamilton, Bermuda.

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