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SiriusPoint prices tender offer for $400 million 4.6% notes due 2026
By Marisa Wong
Los Angeles, April 4 – SiriusPoint Ltd. announced pricing terms for its March 21 tender offer for any and all of its $400 million of 4.6% senior notes due 2026 (Cusips: 82968FAA2, G8201FAA7), according to a Thursday press release.
The total consideration per $1,000 principal amount is $1,000, based on the 1.875% U.S. Treasury due July 31, 2026 and a fixed spread of 45 basis points and calculated using the first par call date of Aug. 1, 2026.
Pricing was determined at 10 a.m. ET on April 4.
The total consideration includes an early tender payment of $50 for each $1,000 principal amount of notes tendered by the early deadline of 5 p.m. ET on April 4, which is also the withdrawal deadline. Holders tendering after the early deadline will not be eligible to receive the early tender payment.
The company intends to initiate settlement of early tendered notes on April 5.
SiriusPoint also launched a consent solicitation alongside the tender offer. The company is seeking 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 consent to the proposed amendment, and holders may not deliver consents without tendering their notes.
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 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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