Endurance Prices $85 Million of 7% Senior Notes
Bermuda based Endurance Specialty Holdings Ltd. today [Mar 23] announced that it has priced $85 million of 30-year fixed rate 7.00% Senior Notes, pursuant to its currently effective shelf registration statement. The Senior Notes have a maturity of July 15, 2034.
Today’s issue is a re-opening of the 7.00% Senior Notes due 2034 issued on July 15, 2004 in an aggregate principal amount of $250,000,000. Upon closing there will be $335,000,000 of this series of senior notes outstanding. The Senior Notes have terms identical to the previously issued notes of the series, other than their date of issue, their initial purchase price to the public and their first interest payment date. Immediately upon settlement, the new Senior Notes will have the same CUSIP and ISIN numbers as, and will trade interchangeably with and vote together with, the previously issued senior notes.
Endurance intends to use the proceeds for general corporate purposes.
Endurance Specialty Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance. Through its operating subsidiaries, Endurance writes property, casualty, healthcare liability, agriculture and professional lines of insurance and property, catastrophe, casualty, aerospace and marine, and surety and other specialty lines of reinsurance. They are headed up by Bermudian CEO David Cash.
