Bermuda gives final results of tender offers for up to $500 million of four series of notes

By Rebecca Melvin

New York, Aug. 17 – Bermuda announced the results of its offers to purchase for cash up to $500 million of its senior notes in four series, according to a press release.

The offers to purchase, dated Aug. 10, expired at 8 a.m. ET on Aug. 17.

As of the expiration time:

• $121,095,000, or 25.49%, of the $475 million 4.138% senior notes due 2023 (Cusips: G10367AA1, 085209AB0) was validly tendered;

• $147,797,000, or 26.87%, of the $550 million 4.854% senior notes due 2024 (Cusips: G10367AB9, 085209AC8), was validly tendered;

• $97,914,000, or 14.72%, of the $665 million 3.717% senior notes due 2027 (Cusips: G10367AD5, 085209AD6), was validly tendered; and

• $170,732,000, or 27.54%, of the $620 million 4¾% senior notes due 2029 (Cusips: G10367AF0, 085209AF1), was validly tendered.

Payment for existing notes accepted for purchase will be made on the settlement date on Aug. 20. Accrued interest will be payable in cash in addition to the purchase price.

The government will announce the applicable purchase price for each series of notes in a separate release.

Allocations in the new notes will be determined by the government and Goldman Sachs & Co. LLC (212 357-1452, 800 828-3182, GS-LM-NYC@gs.com) and HSBC Securities (USA) Inc. (212 525-5552, 888 HSBC 4LM), as dealer managers for the offerings.

The tender and information agent is Global Bondholder Services Corp.

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