Essent Group Ltd. Prices $500 Million Senior Unsecured Notes Offering
June 26 2024 - 5:24PM
Business Wire
Essent Group Ltd. (NYSE: ESNT) (the “Company”) today announced
that it has priced its public offering (the “Offering”) of $500
million aggregate principal amount of senior unsecured notes (the
“Notes”). The Offering is expected to close on July 1, 2024,
subject to customary closing conditions.
The Notes will pay interest semiannually at a rate of 6.250% per
year and will mature on July 1, 2029. The Company intends to use
approximately $425 million of the net proceeds of the Offering to
repay all of the term borrowings outstanding under the term loan
portion of its existing credit facility, and the remainder for
general corporate purposes.
J.P. Morgan, BofA Securities, Goldman Sachs & Co. LLC,
Citizens Capital Markets, and US Bancorp are acting as joint
book-running managers, and Huntington Capital Markets, KeyBanc
Capital Markets, M&T Securities, Ramirez & Co., Inc., and
Siebert Williams Shank are acting as co-managers, for the
Offering.
The Notes are being offered for sale pursuant to a shelf
registration statement on Form S-3 (Registration No. 333-277287),
filed with the U.S. Securities and Exchange Commission (the “SEC”)
on February 22, 2024, which includes a prospectus for the offering
to which this press release relates, and a related prospectus
supplement, filed with the SEC on June 26, 2024. Before making an
investment, potential investors should first read the prospectus
supplement and accompanying prospectus, the registration statement
and the other documents that the Company has filed or will file
with the SEC for more complete information about the Company and
the Offering. A copy of the prospectus supplement and the
accompanying prospectus for the Offering has been filed with the
SEC and is available for free on the SEC's website: www.sec.gov.
Alternatively, copies may be obtained from J.P. Morgan Securities
LLC by calling 1-212-834-4533 or BofA Securities, Inc. at
1-800-294-1322.
This press release is for informational purposes only and does
not constitute an offer to sell or the solicitation of an offer to
buy any security of the Company, nor will there be any sale of any
such security in any jurisdiction in which such offer, sale or
solicitation would be unlawful. The Offering may be made only by
means of a prospectus supplement and accompanying prospectus filed
with the SEC.
About the Company: Essent Group Ltd. (NYSE: ESNT) is a
Bermuda-based holding company (collectively with its subsidiaries,
“Essent”) which serves the housing finance industry by offering
private mortgage insurance, reinsurance, risk management products
and title insurance and settlement services to mortgage lenders,
borrowers, and investors to support homeownership.
Source: Essent Group Ltd.
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version on businesswire.com: https://www.businesswire.com/news/home/20240626892571/en/
Media 610.230.0556 media@essentgroup.com
Investor Relations Philip Stefano Vice President,
Investor Relations 855-809-ESNT ir@essentgroup.com
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