SiriusPoint’s Offering, Cash Tender Offer, and Notes Redemption

March 27, 2024

Cleary Gottlieb is representing the underwriters in an SEC-registered offering of SiriusPoint Ltd.’s (SiriusPoint) 7% senior notes due 2029.

The offering priced on March 27, 2024, and is expected to close on April 5, 2024.

Concurrently with the offering, Cleary is representing the dealer managers in SiriusPoint’s cash tender offer using the proceeds of the senior notes offering to purchase any and all of its outstanding 4.6% senior notes due 2026. The tender offer launched on March 21, 2024, and is expected to early settle on April 4, 2024, and otherwise settle on April 19, 2024.

BMO Capital Markets Corp., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, and Jefferies LLC acted as representatives of the underwriters for the offering and as lead dealer managers for the tender offer. In connection with the tender offer, SiriusPoint is conducting a solicitation of consents from the holders of the 2026 notes for the adoption of a proposed amendment to the indenture to reduce the minimum required notice period for the redemption of the 2026 notes from 30 days to three business days.

Additionally, SiriusPoint will redeem all $115 million aggregate principal amount of its outstanding 7% senior notes due 2025 on April 22, 2024. Some of the proceeds of the offering may be used to fund the redemption.

SiriusPoint was formed following a merger between Sirius International Insurance Group Ltd. and Third Point Reinsurance Ltd. on February 26, 2021. SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda, with licenses to write property, casualty, and accident & health insurance and reinsurance globally.