The White Mountains Re Group, Ltd. will sell about $400 million of its senior notes due 2017, the parent group said yesterday.
The Bermuda-based reinsurer will use the net proceeds from the sale to pay a cash distribution to the parent White Mountains, which in turn will use the majority of this distribution to repay its outstanding borrowings under a credit facility, of which White Mountains Re is a co-borrower and co-guarantor, the company said.
The notes will be sold only to qualified institutional buyers and will not be registered under the Securities Act, and therefore may not be offered or sold in the United States without an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
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