Bermuda-domiciled specialty re/insurer Ascot is looking to raise $400 million via an offering of senior notes.
The company hopes to use the new debt capital to help bolster growth opportunities across all of its insurance markets.
The notes, due 2030, have a 10-year maturity and a fixed-rate coupon of 4.25% payable semi-annually.
The issue follows a recent announcement from S&P that saw Ascot given an Issuer Credit Rating of BBB.
The offering is expected to close on December 15, subject to satisfaction of customary closing conditions.
“Ascot is pleased to see growth opportunities in all of our key insurance markets,” said Joe Roberts, Group Chief Financial Officer.
“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.”
