| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Swiss Re America Holding Corp. > News item |
Swiss Re unit accepts $142.66 million notes tendered in capped offer
By Mary-Katherine Stinson
Lexington, Ky., Dec. 15 – Swiss Re America Holding Corp. announced the early tender results and pricing for its roughly $341 million capped tender offer for notes due 2026 and 2030, according to a press release on Thursday.
As of the expiration of the offer at 11:59 p.m. ET on Dec. 14, the company reported accepting an aggregate total of $142,658,000 of notes from both series.
Specifically, the company accepted the following notes, listed in order of acceptance priority and with the total consideration per $1,000 principal amount:
• $36,948,000 of the $192,666,000 outstanding 7.75% senior notes due June 15, 2030 (Cusip: 36158FAD2) at $1,134.68, priced based on the 4.125% U.S. Treasury due Nov. 15, 2032 and a 120 basis points fixed spread; and
• $105.71 million of the $396,626,000 outstanding 7% senior notes due Feb. 15, 2026 (Cusip: 36158FAA8) at $1,024.26, priced based on the 4.125% U.S. Treasury due Oct. 31, 2027 and a 70 bps fixed spread.
Of these totals, $16,000 of the 2030 notes and $625,000 of the 2026 notes were tendered following the early tender date.
Accrued and unpaid interest will also be paid.
Holders who tendered before the early deadline of the offer, which was 5 p.m. ET on Nov. 30, received an additional early participation amount of $50 per $1,000 principal amount. Early settlement occurred on Dec. 2.
Final settlement is planned for Dec. 16.
After settlement, $155,718,000 of the 2030 notes and $290,916,000 of the 2026 notes will remain outstanding.
The dealer managers are BofA Securities, Inc. (+44 20 7996 5420, 888 292-0070, 980 387-3907, DG.LM-EMEA@bofa.com) and J.P. Morgan Securities LLC (866 834-4666, 212 834-4045).
The information and tender agent is D.F. King & Co., Inc. (212 269-5550, 877 478-5045, +44 20 7920 9700, swissre@dfkingltd.com, https://sites.dfkingltd.com/swissre).
Swiss Re is a reinsurance company based in Zurich.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.