Enstar to repay revolver, term loan facility debt via note proceeds

By Tali Rackner

Norfolk, Va., March 7 – Enstar Group Ltd. plans to repay a portion of amounts outstanding under its revolving credit facility and Sussex term loan facility using the proceeds from a new senior note offering, according to a 424B5 filing with the Securities and Exchange Commission.

The revolver matures on Sept. 16, 2019 and has a current interest rate of Libor plus 325 basis points. The Sussex term loan facility matures on Dec. 24, 2018 and has a current interest rate of Libor plus 375 bps.

Any remaining net proceeds will be used for general corporate purposes, including funding for acquisitions, working capital and other business opportunities.

Enstar is a Hamilton, Bermuda-based acquirer and manager of diversified insurance businesses.

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