Enstar Finance, a subsidiary of Enstar Group, has priced $350 million of 5.750 percent fixed-rate reset junior subordinated notes due 2040.
The notes are fully and unconditionally guaranteed, on a junior subordinated basis, by Enstar. The offering is expected to close on August 26, 2020, subject to satisfaction of customary closing conditions.
Enstar will use the net proceeds to repay approximately $350 million of borrowings outstanding under its term loan facility.
Wells Fargo Securities, Barclays, HSBC, J.P. Morgan, ING, nabSecurities, Scotiabank and Truist Securities are acting as joint book-running managers for the offering.