SiriusPoint - Tender Offer and Consent Solicitation 2024 (US) - Pricing

SiriusPoint Announces Pricing of Tender Offer for 4.600% Senior Notes due 2026 - US82968FAA21 / USG8201FAA78

04 APRIL 2024

Full announcement including disclaimers and offer restrictions available via Globenewswire

"HAMILTON, Bermuda, April 04, 2024 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT) announced today the results of the pricing of its previously announced cash tender offer (the “Tender Offer”) for any and all of its 4.600% Senior Notes due 2026 (the “2026 Notes”).

The Tender Offer and related consent solicitation (the “Consent Solicitation”) were made pursuant to an Offer to Purchase and Consent Solicitation Statement, dated March 21, 2024 (as may be amended or supplemented from time to time, the “Offer to Purchase”).

The table below sets forth the Total Consideration and summarizes certain pricing terms for the Tender Offer:"

(1)   Calculated based on the bid-side price of the Reference Treasury Security as quoted on the Bloomberg Reference Page at 10:00 a.m., New York City time, on April 4, 2024.

(2)   The total consideration offered per $1,000 principal amount of 2026 Notes validly tendered and accepted for purchase prior to the Early Expiration Time (as defined below) pursuant to the Tender Offer (the “Total Consideration”) was determined by the Dealer Managers (as defined below) in the manner described in the Offer to Purchase and was made equal to the greater of (x) the sum of the present value of the remaining payments of principal and interest on the 2026 Notes from the settlement date to (but excluding) August 1, 2026 (three months prior to the maturity date of the 2026 Notes), at a discount rate equal to the sum of the Fixed Spread plus the Reference Yield and (y) $1,000."

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SiriusPoint Announces Notes Offering, Tender Offer for 4.600% Senior Notes due 2026 and Redemption of 7.00% Senior Notes due 2025 - US82968FAA21 / USG8201FAA78

21 MARCH 2024

Full announcement including disclaimers and offer restrictions available via Globenewswire

HAMILTON, Bermuda, March 21, 2024 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT) announced today a proposed offering of senior unsecured notes (the “New Notes”) (the “Debt Offering”), a cash tender offer for any and all of its 4.600% Senior Notes due 2026 (the “2026 Notes”) (the “Tender Offer”) and that it will redeem all its outstanding 7.00% Senior Notes due 2025 (the “2025 Notes”) (the “Redemption”).

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"Tender Offer and Consent Solicitation

SiriusPoint has commenced the Tender Offer for any and all of the outstanding $400 million aggregate principal amount of its 2026 Notes.

In connection with the Tender Offer, SiriusPoint is also soliciting consents (the “Consent Solicitation”) from the holders of the 2026 Notes for the adoption of a proposed amendment (the “Proposed Amendment”) to the indenture governing the 2026 Notes (the “2026 Indenture”) to reduce the minimum required notice period for the redemption of the 2026 Notes from 30 days to three business days.

The Tender Offer and Consent Solicitation are being made pursuant to an Offer to Purchase and Consent Solicitation Statement, dated March 21, 2024 (as may be amended or supplemented from time to time, the “Offer to Purchase”).

Holders who tender 2026 Notes must also consent to the Proposed Amendment. Holders of 2026 Notes may not deliver consents to the Proposed Amendment without validly tendering the 2026 Notes in the Tender Offer and may not revoke their consents without withdrawing the previously tendered 2026 Notes to which they relate. The Proposed Amendment will be set forth in a supplemental indenture relating to the 2026 Notes and is described in more detail in the Offer to Purchase. Adoption of the Proposed Amendment requires the delivery of consents by holders of a majority of the aggregate outstanding principal amount of 2026 Notes.

Certain information regarding the 2026 Notes and the terms of the Tender Offer and the Consent Solicitation is summarized in the table below."

(1)   The reference yield (the “Reference Yield”) will be calculated based on the bid-side price of the Reference Treasury Security as quoted on the Bloomberg Reference Page at 10:00 a.m., New York City time, on April 4, 2024.

(2)   The total consideration offered per $1,000 principal amount of 2026 Notes validly tendered and accepted for purchase prior to the Early Expiration Time (as defined below) pursuant to the Tender Offer (the “Total Consideration”) will be determined by the Dealer Managers (as defined below) in the manner described in the Offer to Purchase and will be equal to the greater of (x) the sum of the present value of the remaining payments of principal and interest on the 2026 Notes from the settlement date to (but excluding) August 1, 2026 (three months prior to the maturity date of the 2026 Notes), at a discount rate equal to the sum of the Fixed Spread plus the Reference Yield and (y) $1,000.

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