Fortitude Group Holdings, a wholly owned subsidiary of Fortitude Re, has announced the pricing of a private offering of $750 million aggregate principal amount of 6.25% senior unsecured notes due 2030.
The company intends to use the net proceeds from this offering to reduce its outstanding term loan borrowings, cover associated premiums, fees, and expenses, including accrued and unpaid interest, and for general corporate purposes.
The notes will benefit from a full and unconditional senior unsecured guarantee from Fortitude Re.
The sale is anticipated to close on or around March 31, 2025, pending customary closing conditions.
Managing Director and Treasurer of Fortitude Re, Alan Stewart said: “We are grateful for fixed income investors’ support in achieving this milestone and look forward to their continued engagement.”
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These notes are being offered privately, exempt from the registration requirements of the U.S. Securities Act of 1933.
The offering is available only to persons reasonably believed to be “qualified institutional buyers” under Rule 144A of the Securities Act and to certain individuals outside the United States in accordance with Regulation S.
The notes have not been, and will not be, registered under the Securities Act and may not be offered or sold within the United States without registration or an applicable exemption under the Securities Act and relevant state and other jurisdictional securities laws.
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