• $150 million issuance of fixed rate resettable Tier 2 notes due 2036, callable in 2031 (the “Notes”)
• Strong investor engagement reflected in an orderbook in excess of 2x oversubscribed
• Transaction enhances capital strength and expands access to long term funding
RiverStone International Holdings Limited, a leading global non life legacy insurance specialist focused on the acquisition and management of discontinued insurance and reinsurance portfolios, today announced the successful completion of its inaugural listed Tier 2 bond that priced at a coupon of 7.125%.
The Notes qualify as Tier 2 regulatory capital of RiverStone International Holdings Limited. Application is expected to be made for the Notes to be admitted to trading on the International Securities Market of the London Stock Exchange.
The successful issuance represents a further step in the development of RiverStone International’s capital framework, providing additional financial flexibility while broadening the Group’s investor base and sources of durable, long term capital.
Andy Creed, Group President and Group Chief Financial Officer of RiverStone International Holdings Limited, commented:
“We are very pleased with the successful execution of our first listed Tier 2 issuance. The level of investor interest reflects RiverStone’s strong financial performance, disciplined balance sheet management and the continued progress of our global platform. This transaction marks an important milestone in the Group’s ongoing evolution.”
Morgan Stanley & Co. International plc acted as Sole Lead Manager on the transaction, with Barclays Bank PLC, Lloyds Bank Corporate Markets PLC and The Bank of Nova Scotia, London Branch acting as Co Managers.