Global Indemnity Limited Announces Pricing of $120 Million Subordinated Note Offering
(Thomson Reuters ONE) -
GEORGE TOWN, Cayman Islands, March 16, 2017 (GLOBE NEWSWIRE) -- Global Indemnity
Limited (NASDAQ:GBLI) (the "Company" or "Global Indemnity") today announced the
pricing of an offering of $120 million of its 7.875% Subordinated Notes due
2047 (the "2047 Notes"). The Company has granted the underwriters a 30-day
option, expiring on April 15, 2017, to purchase up to an additional $18 million
of the 2047 Notes from the Company on the same terms and conditions. The Company
expects the offering to close on March 23, 2017, subject to customary closing
conditions. The 2047 Notes are expected to trade on the NASDAQ Global Select
Market under the symbol "GBLIL". The Company intends to use the net proceeds
from the offering for general corporate purposes, which may include the
financing for acquisitions, repurchases of ordinary shares, repayment of
indebtedness, and expansion of the net underwriting capacity of our insurance
subsidiaries.
Morgan Stanley & Co. LLC, UBS Securities LLC and RBC Capital Markets, LLC are
acting as joint book-running managers for the transaction.
This announcement does not constitute an offer to sell or a solicitation of an
offer to buy these securities, nor will there be any offer or sale of these
securities in any state or jurisdiction in which such an offer, solicitation or
sale would be unlawful. The 2047 Notes may be offered only by means of a
prospectus supplement and accompanying base prospectus. You may obtain a copy of
the prospectus supplement and accompanying prospectus for free by visiting EDGAR
on the SEC website at www.sec.gov. Alternatively, the underwriters may arrange
to send you these documents if you request them by contacting Morgan Stanley &
Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, NY
10014, or by email at prospectus(at)morganstanley.com; from UBS Securities LLC,
1285 Avenue of the Americas, New York, NY 10019, Attention: Prospectus
Specialist, (888) 827-7275; or from RBC Capital Markets, LLC, 200 Vesey Street,
New York, NY 10281, (866) 375-6829, or by email
at rbcnyfixedincomeprospectus(at)rbccm.com.
About Global Indemnity and its subsidiaries
Global Indemnity Limited (NASDAQ:GBLI), through its several direct and indirect
wholly owned subsidiary insurance and reinsurance companies, provides both
admitted and non-admitted specialty property and casualty insurance coverages
and individual policyholder coverages in the United States, as well as
reinsurance worldwide. Global Indemnity Limited's three primary segments are:
* United States Based Commercial Lines Operations
* United States Based Personal Lines Operations
* Bermuda Based Reinsurance Operations
Forward Looking Information
Forward-looking statements contained in this press release are made under the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995 and involve a number of risks and uncertainties that could cause actual
results to differ materially from the expectations expressed in the forward-
looking statements. Please see our periodic reports filed with the Securities
and Exchange Commission for a discussion of the risks and uncertainties which
may affect us and for a more detailed discussion of our cautionary note
regarding forward-looking statements. Global Indemnity undertakes no intent or
obligation to publicly update or revise any of these forward looking statements,
whether as a result of new information, future events or otherwise, except as
required by law.
Contact:
Media
Stephen W. Ries
Senior Corporate Counsel
(610) 668-3270
sries(at)global-indemnity.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Global Indemnity Limited via GlobeNewswire
Datum: 16.03.2017 - 23:28 Uhr
Sprache: Deutsch
News-ID 530825
Anzahl Zeichen: 4408
contact information:
Town:
Bala Cynwyd
Kategorie:
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