Enstar Group Limited Announces Any And All Cash Tender Offer For Junior Subordinated Notes Due 2040

Core Viewpoint - Enstar Group Limited has initiated a cash tender offer for its outstanding 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040, with a total principal amount of $350 million, aiming to manage its debt obligations effectively [1][2]. Tender Offer Details - The tender offer is for all outstanding 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040, guaranteed by Enstar on a junior subordinated basis [1]. - The consideration for the notes validly tendered and accepted will be $1,000 per $1,000 principal amount, including accrued and unpaid interest from the last interest payment date to the Settlement Date [6]. - The tender offer will expire at 5:00 p.m. New York City time on March 14, 2025, unless extended or terminated [3][5]. Timetable - Launch Date: March 10, 2025 [3]. - Expiration Time: March 14, 2025, at 5:00 p.m. New York City time [3]. - Guaranteed Delivery Time: Expected to be March 18, 2025 [3]. - Settlement Date: Expected to be March 19, 2025, for all notes validly tendered and accepted [4]. Conditions and Management - The tender offer is subject to certain conditions, including the successful completion of debt capital market issuances by Enstar totaling at least $350 million [7]. - The offer is not conditioned on a minimum amount of notes being tendered, allowing flexibility in the process [8]. - Enstar has appointed several dealer managers, including Wells Fargo and Barclays, to facilitate the tender offer [9]. Company Overview - Enstar is a leading global insurance group listed on NASDAQ, specializing in innovative capital release solutions and has a strong track record in legacy acquisitions, having acquired over 120 companies and portfolios since its inception [15].