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Global Indemnity Limited Announces Pricing of $120 Million Subordinated Note Offering

GLOBAL INDEMNITY (GBLI)  More Company Research Source: GlobeNewswire
PDF GEORGE TOWN, Cayman Islands, March 16, 2017 (GLOBE NEWSWIRE) -- Global Indemnity Limited (NASDAQ:GBLI) (the "Company" or "Global Indemnity") today announced the pricing of an offering of $120 million of its 7.875% Subordinated Notes due 2047 (the "2047 Notes"). The Company has granted the underwriters a 30-day option, expiring on April 15, 2017, to purchase up to an additional $18 million of the 2047 Notes from the Company on the same terms and conditions. The Company expects the offering to close on March 23, 2017, subject to customary closing conditions. The 2047 Notes are expected to trade on the NASDAQ Global Select Market under the symbol "GBLIL". The Company intends to use the net proceeds from the offering for general corporate purposes, which may include the financing for acquisitions, repurchases of ordinary shares, repayment of indebtedness, and expansion of the net underwriting capacity of our insurance subsidiaries. Morgan Stanley & Co. LLC, UBS Securities LLC and RBC C [Read more]

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