Clifford Chance has advised Wells Fargo Securities, LLC, as representative of the initial purchasers, on Fidelis Insurance Holdings Limited's (Fidelis) debut issuance of US$300 million aggregate principal amount of 4.875% Senior Notes due 2030 offered pursuant to Rule 144A and Regulation S under the Securities Act of 1933.
The other initial purchasers included Barclays Capital Inc., Lloyds Securities Inc., BMO Capital Markets Corp and Citigroup Global Markets Inc. The offering closed June 18, 2020. The Senior Notes qualify as Tier 3 capital under the Bermuda Monetary Authority’s Group Supervision Rules.
Fidelis is a Bermuda-based global provider of specialty insurance and reinsurance products. The Firm advised Fidelis in 2015 on its initial US$1.5 billion capital raise and formation, at the time one of the largest insurance industry capital raises, and was awarded Best Capital Raising by Reactions magazine in 2016.
Partners Gary Boss, Per Chilstrom, Avrohom Gelber and Paul Koppel led the matter, assisted by associates Dean Agnos (Corporate/Insurance), Joshua Damm (Capital Markets), James Kruger (Capital Markets), Sean Smestad (Tax) and Atul Jain (ERISA).
Fidelis' press release for the pricing of the offering can be found here.