Validus to redeem almost $200m of notes
Validus Holdings will redeem all of its outstanding 2040 8.875% senior notes in September as the closing of its sale to RenaissanceRe nears.
American International Group, which owns Validus, said the notes – valued at $199,115,000 - would be redeemed on September 21.
“The Notes are being redeemed in connection with the previously announced proposed sale of Validus Holdings and certain of its affiliates by AIG to RenaissanceRe Holdings which is anticipated to close in the fourth quarter of 2023, subject to receipt of regulatory approvals and satisfaction of other customary closing conditions,” AIG said.
AIG has agreed to sell Validus to RenaissanceRe for $3 billion.
On the redemption date, AIG will pay to each Holder a redemption price equal to the sum of the principal amount of Notes held by such Holder, accrued and unpaid interest thereon and a customary “make-whole” premium calculated in accordance with the indenture governing the Notes.
As of August 17, 2023, $199,115,000 aggregate principal amount of the Notes were outstanding.
