Qatar Reinsurance takes $336.37 million tier 2 notes in tender offer

By Devika Patel

Knoxville, Tenn., July 6 – Qatar Reinsurance Co. Ltd. received tenders from holders of $336,366,000 of its perpetual subordinated tier 2 fixed-rate reset notes (ISIN: XS1577847145) in a tender offer for the $450 million of outstanding notes, according to an announcement.

The company has decided to accept all notes tendered in the offer, which was launched on June 27, with no scaling factor.

Noteholders were offered $1,002 per $1,000 note. Interest will also be paid to the settlement date.

The first call date is Sept. 13, 2022.

The notes are guaranteed on a subordinated basis by Qatar Insurance Co. QSPC (previously known as Qatar Insurance Co. SAQ).

The offer is expected to settle by July 18.

BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), Emirates NBD Bank PJSC (+97143032800, dcmsf@emiratesnbd.com), HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com) and J.P. Morgan Securities plc (em_europe_lm@jpmorgan.com) were acting as joint managers.

Kroll Issuer Services Ltd. was the tender and information agent (+44 207 704 0880, qatarinsurance@is.kroll.com, https://deals.is.kroll.com/qatarinsurance).

The issuer, based in Doha, Qater, specializes in personal and business asset protection.

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