Assurant Inc. announced the early tender results of its cash tender offer for up to $100.0 million aggregate principal amount of its 6.750% senior notes due 2034.
A total of about $160.2 million of the notes were validly tendered and not validly withdrawn on or before 5 p.m. ET on Dec. 22.
The company expects to make payment for the accepted notes on Dec. 23.
Noteholders who tendered their securities at or before 5 p.m. ET on Dec. 22 will be eligible to receive a total consideration of $1,218.74 per $1,000 principal amount of notes tendered, which includes an early tender premium of $30.00 per $1,000 of tendered notes. Holders of notes accepted for purchase will also receive accrued interest of $24.00 per $1,000 principal amount of notes from the last interest payment date up to, but not including, the date the company makes the payment for those notes.
Because the $100.0 million tender cap has been achieved, the company will accept the notes for purchase on a pro rata basis based on a proration factor of 62.45%. Assurant also said it will not accept any notes tendered after the early tender deadline.
Wells Fargo Securities LLC is the dealer manager for the offer, while Global Bondholder Services Corp. is the information agent and tender agent.