Ascot Group Issues $400 million of Senior Notes
Ascot yesterday priced its offering of $400 million aggregate principal amount of 4.25% Senior Notes due 2030 (the “Notes”).
The Notes, offered by Ascot Group Limited, have a 10-year maturity and a fixed-rate coupon of 4.25% payable semi-annually. The issue follows on from S&P announcing an Issuer Credit Rating of BBB for Ascot Group Limited at the start of December. The offering is expected to close on 15 December 2020, subject to satisfaction of customary closing conditions.
Commenting on the debt raise, Joe Roberts, Group Chief Financial Officer, said:
“Ascot is pleased to see growth opportunities in all of our key insurance markets. This debt raise provides us with the financial flexibility to pursue these opportunities and to continue to support our clients’ growing (re)insurance needs. This new debt capital diversifies our capital base and introduces new investors to the Ascot journey. We’re delighted by the investor support of this inaugural issuance, and we look forward to continuing on our mission of operating a preeminent specialty risk assumption organization.”