Assurant Inc. started a cash tender offer to purchase up to $100 million of its $475 million in outstanding 6.750% senior notes due 2034.
The offer will expire at 11:59 p.m. ET on Jan. 9, 2017, unless extended or earlier terminated by Assurant. Tenders of the notes may be withdrawn at any time at or before 5 p.m. ET on Dec. 22, or the early tender deadline.
Notes that are validly tendered and not withdrawn at or before the early tender deadline and accepted for purchase will receive an early tender premium of $30 per $1,000 principal amount of the notes. Noteholders who validly tender their notes following the early tender deadline and on or before the expiration date will only receive the applicable tender offer consideration per $1,000 principal amount of any such notes. The total consideration will be determined at 2 p.m. ET on Dec. 22, unless extended by Assurant.
Payments will include accrued and unpaid interest from and including the most recent interest payment date up to, but not including, the applicable settlement date. The settlement date for notes tendered on or before the early tender deadline is expected to be Dec. 23. The settlement date for notes tendered following the early tender deadline but on or before the expiration date is expected to be Jan. 10, 2017, assuming that the $100 million tender cap has not been fully subscribed on the early settlement date.
Wells Fargo Securities LLC is the dealer manager for the offering, while Global Bondholder Services Corp. is the tender agent and information agent.