By Angela McDaniels
Tacoma, Wash., June 27 – Watford Holdings Ltd. priced $175 million of 6.5% senior notes due 2029 (Kroll: BBB+), according to a company news release.
The Rule 144A and Regulation S notes have a par call option beginning in year five.
The company expects the notes to receive tier 3 capital treatment under the Bermuda Monetary Authority's capital requirement rules.
Proceeds will be used to redeem a portion of the company’s 8.5% cumulative redeemable preference shares and for general corporate purposes.
Watford is a property and casualty insurance and reinsurance company based in Pembroke, Bermuda.
| Issuer: | Watford Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $175 million
|
| Maturity: | 2029
|
| Coupon: | 6.5%
|
| Call option: | At par after five years
|
| Pricing date: | June 27
|
| Settlement date: | July 2
|
| Rating: | Kroll: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
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