Swiss Re seeks to amend issuer, guarantor for 1.375% notes due 2023

By Marisa Wong

Los Angeles, March 19 – Swiss Re Finance (Jersey) Ltd. is soliciting consents from holders of its €750 million 1.375% notes due May 27, 2023 (ISIN: XS1421827269) to some proposed amendments.

The company is proposing to substitute Swiss Re Finance (UK) plc as principal debtor under the notes and to make Swiss Re Ltd. guarantor, according to a notice.

In December, Swiss Re Ltd. agreed to sell ReAssure Group plc to Phoenix Group Holdings plc. In connection with the transaction, Swiss Re Group (Swiss Re Ltd. and its consolidated subsidiaries, collectively) expects to issue a guarantee from Swiss Re Ltd. in favor of the holders of the 1.375% notes due 2023, which will remain within the Swiss Re Group.

The group would also like to move the notes out of its life capital business unit to Swiss Re Finance (UK), which sits directly under Swiss Re Ltd. in order to optimize the availability and use of proceeds throughout the Swiss Re Group, according to the notice

The issuer is offering a participation fee of 0.025% to holders who deliver voting instructions in favor of the proposals.

The deadline for delivering voting instructions is noon ET on April 7.

A bondholders’ meeting is scheduled for 6 a.m. ET on April 14.

The issuer noted that because of ongoing developments related to Covid-19, it may be inadvisable or impossible to hold the meeting in person. The meeting may be changed to a conference call, according to the notice.

Barclays Bank plc (+44 20 3134 8515, attn.: liability management group, eu.lm@barclays.com) is the solicitation agent.

Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Arlind Bytyqi, swissre@lucid-is.com) is the tabulation agent.

Swiss Re is a reinsurance company based in Zurich.

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