S&P assigns Fidelis notes BBB

S&P said it assigned its BBB issue-level rating to Fidelis Insurance Holdings Ltd.’s 10-year $300 million of 4.875% senior unsecured notes due 2030.

Fidelis intends to use the proceeds to repurchase a portion of its outstanding preferred shares and the remaining amount will be used for general corporate purposes.

Fidelis’ first-quarter 2020 pro forma financial leverage will be about 18%, including the $300 million senior debt issuance, the $500 million of equity raised on June 10, 2020, and the partial redemption of its preferred shares. The proposed notes will receive tier 3 capital treatment under the Bermuda Monetary Authority’s capital requirement rules, S&P said.

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