The firm represented Lancashire Holdings Limited on its offering of 5.625% Fixed-Rate Reset Junior Subordinated Notes due 2041.
Willkie advised Lancashire Holdings Limited on its inaugural offering of $450 million aggregate principal amount of 5.625% Fixed-Rate Reset Junior Subordinated Notes due 2041. The Notes are listed on the London Stock Exchange and were offered to institutional investors outside the United States pursuant to Regulation S under the Securities Act of 1933.
Lancashire is using the majority of the net proceeds to redeem multiple tranches of its outstanding senior and subordinated indebtedness, with remaining proceeds used for additional underwriting opportunities. The Willkie team is also advising Lancashire on the liability management exercise and related debt redemption, defeasance and discharge.
The Notes were structured to receive Tier 2 solvency capital treatment under the Bermuda Monetary Authority’s Group Supervision Rules.
The Willkie team was led by partner Joseph Ferraro and included associates David Griffiths and Ida Nizankowska-Polus in London.