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Conyers advised Sirius International Group Ltd. on its Swedish Krona (“SEK”) 2.75 billion (approximately US$340 million) Floating Rate Callable Subordinated Note offering

September 2017 Chris Garrod Jacqueline King

Conyers Dill & Pearman advised Sirius International Group Ltd. on the issuance of its SEK Floating Rate Callable Subordinated Notes, due 2047, which represent the largest SEK insurance hybrid issuance to date, having a contractual maturity of 30 years. The Notes are callable at par after five years and carry a floating rate of interest with a coupon of 3 month STIBOR +400 basis points (approximately 3.6% at execution).

The proceeds of the transaction will be used by Sirius International Group, Ltd. to redeem all of its existing perpetual non-cumulative preference shares and for other general corporate purposes.

The Notes are rated BB+ by S&P and BB+ by Fitch. The Notes are expected to receive Tier 2 capital treatment under the Bermuda Monetary Authority’s solvency rules and will receive intermediate equity treatment from S&P as well as 100% credit in Fitch’s capital adequacy ratio.

Chris Garrod and Jacqueline King of Conyers’ Bermuda office advised on the matter working alongside Willkie Farr & Gallagher LLP. Cleary Gottlieb Steen & Hamilton LLP acted for the banks.

 


Chris Garrod
Director

BERMUDA   +1 441 299 4923


Jacqueline King
Associate

Bermuda   +1 441 279 5327


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Deals & Transactions

Conyers advised Sirius International Group Ltd. on its Swedish Krona (“SEK”) 2.75 billion (approximately US$340 million) Floating Rate Callable Subordinated Note offering

22 September 2017 Chris Garrod Jacqueline King

Conyers Dill & Pearman advised Sirius International Group Ltd. on the issuance of its SEK Floating Rate Callable Subordinated Notes, due 2047, which represent the largest SEK insurance hybrid issuance to date, having a contractual maturity of 30 years. The Notes are callable at par after five years and carry a floating rate of interest with a coupon of 3 month STIBOR +400 basis points (approximately 3.6% at execution).

The proceeds of the transaction will be used by Sirius International Group, Ltd. to redeem all of its existing perpetual non-cumulative preference shares and for other general corporate purposes.

The Notes are rated BB+ by S&P and BB+ by Fitch. The Notes are expected to receive Tier 2 capital treatment under the Bermuda Monetary Authority’s solvency rules and will receive intermediate equity treatment from S&P as well as 100% credit in Fitch’s capital adequacy ratio.

Chris Garrod and Jacqueline King of Conyers’ Bermuda office advised on the matter working alongside Willkie Farr & Gallagher LLP. Cleary Gottlieb Steen & Hamilton LLP acted for the banks.

 


Chris Garrod
Director

BERMUDA   +1 441 299 4923


Jacqueline King
Associate

Bermuda   +1 441 279 5327


 

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Bermuda


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Bermuda