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

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”).

Scott Egan, CEO of SiriusPoint, said, “2023 was a turnaround year for SiriusPoint as we executed against our strategic priorities to simplify the business, reduce volatility, and deliver a double-digit return on equity. We achieved a record $339 million dollar net income to common shareholders in 2023, a $742 million dollar improvement year on year and a 16.2% annualized return on equity. As we transition to the next phase of our journey, we are focused on improving the quality of the balance sheet further. The Debt Offering, Tender Offer and Redemption are important steps to optimize our capital structure and lower our debt leverage. A completion of these transactions would make our already strong balance sheet even stronger and will mark a significant stride forward for our company.”

New Notes Debt Offering

SiriusPoint intends to offer, subject to market and other conditions, senior notes in a public offering.

SiriusPoint intends to use the net proceeds from the Debt Offering, together with available cash, to fund the purchase of the 2026 Notes validly tendered and accepted for purchase in the Tender Offer. SiriusPoint intends to use any remaining proceeds for general corporate purposes, which may include the redemption, repurchase or repayment at maturity of indebtedness (including the Redemption).

BMO Capital Markets Corp., HSBC Securities (USA) Inc., Jefferies LLC and J.P. Morgan Securities LLC will act as joint book-running managers of the Debt Offering.

The Debt Offering is being made pursuant to an effective shelf registration statement on Form S-3 and by means of a prospectus and related preliminary prospectus supplement filed with the Securities and Exchange Commission (the “SEC”). Before you invest, you should read the prospectus and the related preliminary prospectus supplement and the documents incorporated by reference therein that SiriusPoint has filed with the SEC for more complete information about SiriusPoint and the Debt Offering.