Apr 2024
Conyers acted as Bermuda legal counsel to SiriusPoint Ltd. in connection with its offering of senior unsecured notes, a cash tender offer for any and all of its 4.600% Senior Notes due 2026 and the redemption of all of its outstanding 7.00% Senior Notes due 2025.
The Debt Offering was 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. SiriusPoint Ltd. 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.
Conyers advised on all aspects of Bermuda law including but not limited to reviewing and commenting on the S-3 and offering documents as well as the prospectus and prospectus supplement forming part of the S-3, supporting on-shore counsel with the respective SEC filings, advising on corporate approvals and providing legal opinions in connection with the S-3, the Debt Offering and the Tender Offer. Conyers also assisted with the application to the Bermuda Monetary Authority to have the New Notes treated as other fixed capital on the Statutory Statement of Capital and Surplus and as Tier 3 ancillary capital of the insurance group under the Bermuda Insurance (Group Supervision) Rules 2011.