Pricing terms set for tender offer
Debt refinancing is on the menu as the Government announced the pricing terms of its purchase offers for the outstanding 4.138 per cent Senior Notes due in 2023 (outstanding principal amount of $353,905,000) and 4.854 per cent Senior Notes due in 2024 (outstanding principal amount of $402,203,000). The tender offers were to expire at 6pm today.
The terms and conditions of the tender offers were set forth in the July 6 purchase offer. Tenders of existing notes may be subject to proration, in accordance with the terms of the tender offers.
The offer to purchase, as well as other relevant notices and documents, were available on the website for the tender offers, www.gbsc-usa.com/Bermuda, operated by the tender and information agent.
The purchase price payable per $1,000 principal amount of each series of existing notes validly tendered and accepted for purchase was calculated at $1,004.93 for the 2023 notes and $1,021.58 for the 2024 notes.
The settlement date is expected to occur on July 15, 2022.
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