Swiss Re unit gives early results, pricing of capped tender offer

By William Gullotti

Buffalo, N.Y., Dec. 1 – 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 early tender deadline at 5 p.m. ET on Nov. 30, the company reported accepting an aggregate total of $142,017,000 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:

• $36,932,000 of the $192,666,000 outstanding 7.75% senior notes due June 15, 2030 (Cusip: 36158FAD2) at $1,184.68, priced based on the 4.125% U.S. Treasury due Nov. 15, 2032 and a 120 bps fixed spread; and

• $105,085,000 of the $396,626,000 outstanding 7% senior notes due Feb. 15, 2026 (Cusip: 36158FAA8) at $1,074.26, priced based on the 4.125% U.S. Treasury due Oct. 31, 2027 and a 70 bps fixed spread.

In each case, the total consideration includes an early participation amount of $50 per $1,000 principal amount. The early participation amount is payable to holders who tendered their notes by the early participation date.

In either case, accrued and unpaid interest will also be paid.

Tenders may no longer be withdrawn as of the early deadline.

The capped tender offer will continue to be subject to the applicable priority levels and proration.

Early settlement remains planned for Dec. 2.

As previously reported, 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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