View this article online: https://www.insurancejournal.com/news/international/2005/10/13/60790.htm
Endurance Specialty Holdings Ltd., one of the more successful post Sept. 11 start-ups, has joined the parade of Bermuda-based companies seeking additional funds after Katrina.
Endurance announced that it plans to issue $200 million worth of senior notes.The securities will be priced at 6.15 percent, and will initially be offered by the underwriters at a price of 99.639 percent of their principal amount, providing an effective yield of 6.199 percent, and, unless previously redeemed, will mature on October 15, 2015.
Endurance expects to use a portion of the net proceeds from the offering to repay amounts currently outstanding under its credit facility, to provide additional capital to its subsidiaries and for other general corporate purposes.
The joint book-running managers for the offering are Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Merrill Lynch & Co., and Wachovia Securities. The Senior Notes are being offered under Endurance’s Form S-3 shelf registration statement.