Max Re Capital Ltd. announced today that its subsidiary Max USA will offer $100 million of senior notes due 2017.
Max Re Capital said the notes will be fully and unconditionally guaranteed.
The net proceeds of the offering, which is expected to close during the second quarter of 2007, will be used to repay short-term indebtedness of Max USA.
The notes will be offered to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933 and outside the United States in reliance on Regulation S under the Securities Act.
The notes will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Earlier this month, the parent company said that Max USA has completed the acquisition of a U.S.-based surplus lines company, which will operate under the name Max Specialty Insurance Company.
The company will operate across two divisions–brokerage and contract binding–and will be based in Richmond, Va.
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