GEORGE TOWN, Cayman Islands, March 30, 2017 (GLOBE NEWSWIRE) -- Global Indemnity Limited (NASDAQ:GBLI) (the "Company" or "Global Indemnity") today announced that the underwriters in its previously announced underwritten offering of its 7.875% Subordinated Notes due 2047 (the "2047 Notes") have exercised their over-allotment option in the amount of $10,000,000 principal amount of 2047 Notes. As a result, the aggregate principal amount of the 2047 Notes will increase to $130,000,000. The sale of the 2047 Notes pursuant to the over-allotment option closed on March 30, 2017.
Morgan Stanley & Co. LLC, UBS Securities LLC and RBC Capital Markets, LLC acted as joint book-running managers for the transaction.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The 2047 Notes may be offered only by means of a prospectus supplement and accompanying base prospectus. You may obtain a copy of the prospectus supplement and accompanying prospectus for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the underwriters may arrange to send you these documents if you request them by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, NY 10014, or by email at firstname.lastname@example.org; from UBS Securities LLC, 1285 Avenue of the Americas, New York, NY 10019, Attention: Prospectus Specialist, (888) 827-7275; or from RBC Capital Markets, LLC, 200 Vesey Street, New York, NY 10281, (866) 375-6829, or by email at email@example.com.
About Global Indemnity and its subsidiaries
Global Indemnity Limited (NASDAQ:GBLI), through its several direct and indirect wholly owned subsidiary insurance and reinsurance companies, provides both admitted and non-admitted specialty property and casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide. Global Indemnity Limited’s three primary segments are:
- United States Based Commercial Lines Operations
- United States Based Personal Lines Operations
- Bermuda Based Reinsurance Operations
Forward Looking Information
Forward-looking statements contained in this press release are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could cause actual results to differ materially from the expectations expressed in the forward-looking statements. Please see our periodic reports filed with the Securities and Exchange Commission for a discussion of the risks and uncertainties which may affect us and for a more detailed discussion of our cautionary note regarding forward-looking statements. Global Indemnity undertakes no intent or obligation to publicly update or revise any of these forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact: Media Stephen W. Ries Senior Corporate Counsel (610) 668-3270 firstname.lastname@example.org
Source:Global Indemnity Limited