Swiss Re unit prices any-and-all tender offer for 4.25% notes due 2042

By William Gullotti

Buffalo, N.Y., Nov. 22 – Swiss Re Treasury (US) Corp. announced pricing for its any-and-all tender offer for its $500 million outstanding 4.25% senior notes due 2042 (Cusips: 87089HAB9, U7514EAV2), according to a press release on Tuesday.

As previously reported, the notes are guaranteed by Swiss Reinsurance Co. Ltd.

With pricing based on the 3.375% U.S. Treasury due Aug. 15, 2042, or a reference yield of 4.123%, and a 100 basis points fixed spread, Swiss set the total consideration at $891.47 per $1,000 principal amount of notes.

Accrued and unpaid interest will also be paid.

The any-and-all tender offer will expire at 5 p.m. ET on Nov. 22, also the withdrawal deadline. Settlement remains planned for Nov. 28.

As previously reported, the results announcement for the any-and-all offer will include the maximum amount for the related capped tender offer by Swiss Re America Holding Corp. for the following series of notes, listed in priority order:

• $192,666,000 outstanding 7.75% senior notes due June 15, 2030 (Cusip: 36158FAD2) with pricing to be based on the 4.125% U.S. Treasury due Nov. 15, 2032 and a 120 bps fixed spread; and

• $396,626,000 outstanding 7% senior notes due Feb. 15, 2026 (Cusip: 36158FAA8) with pricing to be based on the 4.125% U.S. Treasury due Oct. 31, 2027 and a 70 bps fixed spread.

The early tender deadline for the capped offer is 5 p.m. ET on Nov. 30, also the withdrawal deadline.

Pricing will take place at 11 a.m. ET on the business day after the early deadline.

Early settlement is planned for Dec. 2.

The capped tender offer will expire at 11:59 p.m. ET on Dec. 14.

Final settlement is planned for Dec. 16.

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.

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