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SiriusPoint starts tender offer for all $400 million 4.6% notes due 2026
By Mary-Katherine Stinson
Lexington, Ky., March 21 – SiriusPoint Ltd. started a tender offer and consent solicitation for any and all of its $400 million of 4.6% senior notes due 2026 (Cusips: 82968FAA2, G8201FAA7), according to a press release and a 424B5 filing with the Securities and Exchange Commission.
The total consideration will be based on the 1 7/8% U.S. Treasury due July 31, 2026 and a fixed spread of 45 basis points, based on the first par call date of Aug. 1, 2026.
The reference yield will be calculated at 10:00 a.m. ET on April 4.
The total consideration includes an early tender payment of $50 for each $1,000 principal amount of notes for holders who validly tender their notes and deliver consents by the early deadline of 5 p.m. ET on April 4.
This is also the withdrawal deadline.
Holders tendering after the early deadline will receive the total consideration minus the $50 early tender payment.
The related consent solicitation seeks to modify the notes’ indenture to reduce the minimum required notice period for redemption to three business days from 30 days. Adoption of the proposed amendment requires the consent of holders of a majority of the aggregate outstanding principal of the notes.
Tendering holders must also consent to the proposed amendment and holders may not deliver consents without tendering their notes in the offer.
The offer will expire at 5 p.m. ET on April 19.
BMO Capital Markets Corp. (833 418-0762), HSBC Securities (USA) Inc. (888 472-2456), Jefferies LLC (877 877-0696) and J.P. Morgan Securities LLC (866 834-4666) are acting as dealer managers and solicitation agents for the offer.
D.F. King & Co., Inc. (866 388-7535, SPNT@dfking.comis) is the information and tender agent.
SiriusPoint, formerly named Third Point Reinsurance Ltd., is an international specialty insurance and reinsurance company created from the combination of a subsidiary of the company with Sirius Group. Principal offices are in Pembroke, Bermuda.
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