Bermuda-based Endurance Specialty Holdings Ltd. on Friday closed an offer of $250 million of seven percent senior notes. The offering resulted in net proceeds to the Company of approximately $245.1 million.

Endurance said last week it ?expects to use a portion of the net proceeds from the offering to repay the $103 million term loan outstanding under its bank credit facility and to use the remaining proceeds for general corporate purposes, including potential acquisitions and repurchases of its shares and share equivalents?.

The debt issuance is part of a capital raising initiative, which included the filing of a shelf registration statement announced in June.