Enstar Group Prices Preference Shares

Enstar Group (ESGR) said Wednesday that it has priced its public offering of 16 million depositary shares, each representing a 1/1,000th interest in its 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series D, $1.00 par value and $25,000 liquidation preference per share, for an aggregate public offering price of $400 million.

Enstar intends to use the net proceeds from the offering to repay a portion of the amounts outstanding under its revolving credit facility and its term loan facility, and Enstar intends to use any remaining net proceeds for general corporate purposes.

Wells Fargo Securities, Morgan Stanley, J.P. Morgan, Barclays and HSBC are acting as joint book-running managers for the offering, and nabSecurities, LLC and ING Financial Markets LLC are acting as co-managers.

Shares were flat in the after-hours session.