Argo Announces Pricing Of $125M Of Notes
Bermuda-based Argo Group International Holdings, Ltd. said that $125 million aggregate principal amount of 6.50% Senior Notes due Sept. 15, 2042 have been priced for sale by its indirect wholly owned subsidiary, Argo Group US, Inc.
A company statement said, “Argo Group US, Inc. has granted the underwriters a 30-day option to purchase up to an additional $18.75 million aggregate principal amount of such Senior Notes to cover over-allotments, if any.
“The Senior Notes are fully and unconditionally guaranteed by Argo Group International Holdings, Ltd. and are redeemable on or after Sept. 15, 2017, at 100% of their principal amount plus accrued and unpaid interest to the redemption date.
“Argo Group intends to apply for listing of the Senior Notes on NASDAQ. If approved, we expect trading in the Senior Notes to begin within 30 days of issuance under the symbol “AGIIL.”
“Argo Group intends to use the net proceeds from the offering for the repurchase of outstanding trust preferred securities, but such proceeds may also be used for general corporate purposes, including the repayment of indebtedness.”
