Watford Holdings Announces Pricing of Senior Unsecured Notes
The Company intends to use the net proceeds of the offering to redeem a portion of its 8½% Cumulative Redeemable Preference Shares (the "Preference Shares") pursuant to the Company's call option related to those Preference Shares, and to use any remaining proceeds for general corporate purposes. The offering is expected to close on
The Notes have a 10-year final maturity, a fixed-rate coupon of 6.50% payable semi-annually and a par call option beginning in year 5. The Notes are expected to receive Tier 3 capital treatment under the
The Notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act, and non-U.S. persons outside
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Cautionary Note Regarding Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 (the “PSLRA”) provides a “safe harbor” for forward-looking statements.This news release contains forward-looking statements. Forward-looking statements, for purposes of the PSLRA or otherwise, generally can be identified by the words “believes,” “expects,” “intends,” “plans,” “estimates” or similar expressions that indicate future events. These forward-looking statements include statements regarding the closing of the offering and the redemption of the Preference Shares. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including: uncertainties as to the closing of the offering and the Company's ability to satisfy the closing conditions related to the offering; uncertainties as to the redemption of the Preference Shares; market conditions; and other risks set forth in the Company’s Registration Statement on Form S-1 (File No. 333-230080), as amended, filed with the
Source: Watford Holdings Ltd.