Subsidiaries boost profits at Enstar
Bermuda-based Enstar Group has announced the pricing of $350 million aggregate principal amount of its 4.500 percent senior notes, which are due in 2022.
Enstar said that the offering is expected to close on March 10, 2017, subject to satisfaction of customary closing conditions.
The company explained that it intends to use the net proceeds from the offering for the repayment of amounts outstanding under its credit facilities and any remaining net proceeds will be used for general corporate purposes. Barclays, Wells Fargo Securities, Lloyds Securities and SunTrust Robinson Humphrey are acting as joint book-running managers for the offering. In addition nabSecurities is acting as co-manager.
The notes are being offered pursuant to an effective shelf registration statement that has previously been filed with the Securities and Exchange Commission.
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Enstar, Senior notes, Bermuda