Enstar Group Limited Announces Pricing of $350 Million of 5.750% Fixed-Rate Reset Junior Subordinated Notes Due 2040
August 19 2020 - 9:01PM
Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) today announced that
its subsidiary, Enstar Finance LLC, priced $350 million aggregate
principal amount of 5.750% Fixed-Rate Reset Junior Subordinated
Notes due 2040 (the “Notes”), fully and unconditionally guaranteed,
on a junior subordinated basis, by Enstar. The offering is expected
to close on August 26, 2020, subject to satisfaction of customary
closing conditions.
Enstar intends to use the net proceeds from the offering and
available cash on hand to repay approximately $350 million of
borrowings outstanding under its term loan facility. Wells Fargo
Securities, Barclays, HSBC, J.P. Morgan, ING, nabSecurities, LLC,
Scotiabank and Truist Securities are acting as joint book-running
managers for the offering, COMMERZBANK and Commonwealth Bank of
Australia are acting as senior co-managers and BMO Capital Markets
and Lloyds Securities are acting as junior co-managers.
The Notes are being offered pursuant to an effective shelf
registration statement that has previously been filed with the U.S.
Securities and Exchange Commission (the “SEC”). This press release
does not constitute an offer to sell or a solicitation of an offer
to buy nor shall there be any sale of securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Any offer to
sell or solicitation to buy will be made solely by means of a
prospectus and related prospectus supplement filed with the SEC.
You may obtain these documents without charge from the SEC at
www.sec.gov. Alternatively, you may request copies of these
materials from the joint book-running managers by contacting Wells
Fargo Securities, LLC toll-free at 1-800-645-3751 (or by emailing
wfscustomerservice@wellsfargo.com), Barclays Capital Inc. toll-free
at 1-888-603-5847, HSBC Securities (USA) Inc. at 1-866-811-8049 or
J.P. Morgan Securities LLC collect at 1-212-834-4533.
About Enstar
Enstar is a NASDAQ-listed leading global insurance group
that offers innovative capital release solutions through its
network of group companies in Bermuda, the United
States, the United Kingdom, Continental
Europe, Australia, and other international locations. A market
leader in completing legacy acquisitions, Enstar has acquired over
100 companies and portfolios since its formation in 2001.
Cautionary Statement
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements include statements regarding the intent,
belief or current expectations of Enstar and its management team.
Investors are cautioned that any such forward-looking statements
speak only as of the date they are made, are not guarantees of
future performance and involve risks and uncertainties, and that
actual results may differ materially from those projected in the
forward-looking statements as a result of various factors. In
particular, the evolving COVID-19 pandemic has caused significant
economic and financial turmoil globally, as well as uncertainty and
volatility in the financial markets. Due to the global uncertainty,
Enstar is unable to predict the longer-term effects of the pandemic
on its business at this time. Important risk factors regarding
Enstar can be found under the heading "Risk Factors" in Enstar’s
Form 10-K for the year ended December 31, 2019 and in
Enstar’s Form 10-Q for the three months ended June 30,
2020 and are incorporated herein by reference. Furthermore,
Enstar undertakes no obligation to update any written or oral
forward-looking statements or publicly announce any updates or
revisions to any of the forward-looking statements contained
herein, to reflect any change in its expectations with regard
thereto or any change in events, conditions, circumstances or
assumptions underlying such statements, except as required by
law.
Contact: Enstar CommunicationsTelephone: +1 (441) 292-3645
Enstar Group Limited
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