By Cristal Cody
Tupelo, Miss., Dec. 10 – Ascot Group Ltd. priced $400 million of 4.25% 10-year senior notes (BBB) on Wednesday in a Rule 144A and Regulation S offering at a spread of 332.1 basis points over Treasuries, according to a market source.
Initial price talk was in the 4.5% area.
BofA Securities, Inc., Scotia Capital (USA) LLC and Wells Fargo Securities, LLC were the bookrunners.
Ascot Group is a Bermuda-based specialty insurance and reinsurance company that is owned by the Canada Pension Plan Investment Board.
| Issuer: | Ascot Group Ltd.
|
| Amount: | $400 million
|
| Description: | Senior notes
|
| Maturity: | Dec. 15, 2030
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| Bookrunners: | BofA Securities, Inc., Scotia Capital (USA) LLC and Wells Fargo Securities, LLC
|
| Coupon: | 4.25%
|
| Spread: | Treasuries plus 332.1 bps
|
| Call features: | Five years
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| Trade date: | Dec. 9
|
| Settlement date: | Dec. 15
|
| Rating: | S&P: BBB
|
| Distribution: | Rule 144A and Regulation S
|
| Price guidance: | 4.5% area
|
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