SiriusPoint Announces Pricing of Tender Offer for 4.600% Senior Notes due 2026

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:

Title of Security

CUSIP Number & ISIN (144A / Reg S)

Principal Amount Outstanding

Reference Treasury Security(1)

Bloomberg Reference Page

Reference Yield(1)

Fixed Spread (bps)

Early Tender Payment (per $1,000)

Total Consideration (per $1,000)(2)

4.600% Senior Notes due 2026

82968FAA2 / G8201FAA7 US82968FAA21 / USG8201FAA78

$400,000,000

1.875% UST due July 31, 2026

FIT5

4.618%

+45

$50

$1,000.00

_________

(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.