Enstar Group Limited has announced a cash tender offer for the outstanding 5.750% fixed-rate reset junior subordinated notes due 2040 issued by its wholly owned subsidiary, Enstar Finance LLC. The principal amount outstanding for these notes is $350,000,000, with a tender consideration of $1,000 per $1,000 principal amount of notes.
The tender offer was launched on March 10, 2025, and is set to expire at 5:00 p.m., New York City time, on March 14, 2025, unless extended or earlier terminated. The guaranteed delivery time is expected to be on March 18, 2025, and the settlement date for all notes validly tendered and accepted is anticipated to be March 19, 2025.
The consideration paid in the tender offer for validly tendered and accepted notes will be $1,000 per $1,000 principal amount, inclusive of accrued and unpaid interest from the last interest payment date to, but not including, the settlement date.
The tender offer is subject to certain conditions, including the consummation of debt capital markets issuances by Enstar in an aggregate principal amount of at least $350,000,000. Enstar has retained Wells Fargo Securities, LLC, Barclays Capital Inc., HSBC Securities (USA) Inc., SMBC Nikko Securities America, Inc., and Truist Securities, Inc. as dealer managers for the tender offer, with D.F. King & Co., Inc. serving as the information and tender agent.
Enstar is a leading global insurance group listed on NASDAQ, offering capital release solutions through its network of group companies operating in Bermuda, the United States, the United Kingdom, Liechtenstein, Belgium, and Australia. Since its formation, Enstar has acquired over 120 companies and portfolios, establishing itself as a market leader in completing legacy acquisitions. Following these announcements, the company's shares moved -0.0%, and are now trading at a price of $331.79. For the full picture, make sure to review Enstar's 8-K report.
