Enstar Group makes change to call option for 4.5% notes due 2022

By Angela McDaniels

Tacoma, Wash., March 26 – Enstar Group Ltd. amended the indenture governing its $350 million 4.5% senior notes due 2022 on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

The indenture originally provided that the notes were callable at any time at a redemption price equal to a make-whole premium or, beginning Feb. 10, 2022, at par.

Following the amendment, the notes are not callable except in the event of a tax event, a rating methodology event or a regulatory event.

The change is intended to permit the notes to qualify as tier 3 capital under the eligible capital rules of the Bermuda Monetary Authority.

The company said that because the amendment does not materially and adversely affect the noteholders or the coupons on the notes, the amendment did not require the consent of the noteholders.

Enstar is a Hamilton, Bermuda-based insurance provider.

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