Enstar Group Prices $500 Million of Notes

January 13, 2022 | 1 Comment

Enstar Group Limited announced that its subsidiary, Enstar Finance LLC, “priced $500 million aggregate principal amount of 5.500% Fixed-Rate Reset Junior Subordinated Notes due 2042 fully and unconditionally guaranteed, on a junior subordinated basis, by Enstar.:

“The offering is expected to close on January 14, 2022, subject to satisfaction of customary closing conditions,” the company said.

“Enstar intends to use the net proceeds from the offering to fund the payment at maturity of the outstanding $280.4 million aggregate principal amount of Enstar’s 4.500% Senior Notes due 2022, which mature on March 10, 2022.

“Enstar intends to use any remaining net proceeds for general corporate purposes, including, but not limited to, funding for acquisitions, working capital and other business opportunities. Barclays, BMO, HSBC and Wells Fargo are acting as joint book-running managers for the offering.

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