Enstar Group Ltd. has priced an offering of $500 million of its 4.950% senior notes due June 1, 2029.
The offering is expected to close May 28. Interest will be paid June 1 and Dec. 1 of each year, starting Dec. 1.
The company intends to use the net proceeds to repay approximately $250 million of borrowings outstanding and for general corporate purposes, including acquisitions and working capital.
Wells Fargo Securities LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., Barclays Capital Inc. and nabSecurities LLC are joint book-running managers for the offering. Scotia Capital (USA) Inc. is senior co-manager, and Commonwealth Bank of Australia, ING Financial Markets LLC and Lloyds Securities Inc. are co-managers.