SiriusPoint announces early tender results for 2026 Notes

SiriusPoint Ltd. (NYSE: SPNT) has announced the early tender results of its cash tender offer for its 4.600% senior notes due 2026 (2026 Notes) and the receipt of requisite consents in connection with its consent solicitation from the holders of the 2026 Notes for the adoption of an amendment.

As of 5:00 p.m., New York City time, on April 4, 2024, $330,963,000 aggregate principal amount of the 2026 Notes, representing approximately 83% of the outstanding amount, had been validly tendered pursuant to the tender offer. SiriusPoint intends to accept all such validly tendered 2026 Notes with settlement on April 5, 2024, the early settlement date.

The total consideration payable to holders for each $1,000 principal amount of 2026 Notes validly tendered and accepted for purchase pursuant to the tender offer will be $1,000, including an early tender payment of $50 for each $1,000 principal amount of accepted 2026 Notes. Additionally, holders of such accepted 2026 Notes will receive accrued and unpaid interest to (but excluding) the early settlement date.

SiriusPoint executed a supplemental indenture to the indenture governing the 2026 Notes, which reduced the minimum required notice period for the redemption of the 2026 Notes from 30 days to 3 business days. Adoption of the amendment required consents of holders of a majority in aggregate principal amount of the 2026 Notes outstanding, which SiriusPoint obtained.

On April 5, 2024, SiriusPoint will issue a notice of redemption for any outstanding 2026 Notes after the early settlement date, providing a redemption date of April 10, 2024.

Holders who have not yet tendered their 2026 Notes have until 5:00 p.m., New York City time, on April 19, 2024, unless extended or early terminated by SiriusPoint, to tender their 2026 Notes. Withdrawal rights for the tender offer expired at 5:00 p.m., New York City time, on April 4, 2024.

Moreover, the obligation of SiriusPoint to accept for purchase and pay for 2026 Notes validly tendered and not validly withdrawn is conditioned upon the satisfaction or waiver of certain conditions, including a financing condition requiring the consummation of a notes offering described therein.

BMO Capital Markets Corp., HSBC Securities (USA) Inc., Jefferies LLC, and J.P. Morgan Securities LLC are acting as dealer managers for the tender offer and as solicitation agents for the consent solicitation. Copies of the offer to purchase have been made available to holders of 2026 Notes from D.F. King & Co., Inc., the information agent and the tender agent for the tender offer and the consent solicitation.

This press release is not a notice of redemption, and any notice of redemption will be provided separately in accordance with the terms of the indenture, as amended by the supplemental indenture. As a result of these announcements, the company's shares have moved 1.4% on the market, and are now trading at a price of $12.75. Check out the company's full 8-K submission here.

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