HAMILTON, Bermuda — FGH Parent, L.P., (together with its subsidiaries, “Fortitude Re”), a leading global reinsurance company, today announced that Fortitude Group Holdings, LLC (the “Issuer”), a wholly owned subsidiary of FGH Parent, L.P., has priced a private offering (the “Offering”) of $750 million aggregate principal amount of 6.25% senior unsecured notes due 2030 (the “Notes”). The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by FGH Parent, L.P. The sale of the Notes is expected to be completed on or about March 31, 2025, subject to the satisfaction of customary closing conditions.
Managing Director and Treasurer of Fortitude Re, Alan Stewart noted, “We are grateful for fixed income investors’ support in achieving this milestone and look forward to their continued engagement.”
The Issuer intends to use the proceeds from the Offering to discharge a portion of the borrowings outstanding under its term loan facilities, and pay any related premiums, fees and expenses, including accrued and unpaid interest, and for general corporate purposes.
The Notes are being offered in a private offering exempt from the registration requirements of the United States Securities Act of 1933, as amended (the “Securities Act”). The Notes are being offered only to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A and to certain persons outside the United States pursuant to Regulation S, each under the Securities Act.
The Notes have not been and will not be registered under the Securities Act and may not be offered or sold within the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state and other jurisdictions’ securities or blue sky laws.
This press release is not an offer to sell or a solicitation of an offer to purchase with respect to the Notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful. The offering of the Notes is only being made pursuant to the terms of the offering memorandum provided to prospective investors.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on current plans, beliefs, expectations, forecasts and assumptions that involve risks and uncertainties. These forward-looking statements include, but are not limited to, the completion of, and the use of proceeds from, the proposed Offering, and statements that represent Fortitude Re’s beliefs concerning future operations, strategies, financial results or other developments. In some cases, you can identify forward-looking statements by terms such as “may,” “expects,” “should,” “intends” or similar expressions. Because these forward-looking statements are based on current plans, beliefs, expectations, forecasts and assumptions that are subject to significant business, economic, competitive and other risks and uncertainties, many of which are beyond Fortitude Re’s control or are subject to change, actual results could be materially different. Consequently, such forward-looking statements should be regarded solely as Fortitude Re’s plans, estimates and beliefs, and you should not rely on any of these forward-looking statements. Fortitude Re does not intend, and does not undertake, any obligation to update any forward-looking statements to reflect future events or circumstances or any change in Fortitude Re’s expectations after the date of such statements.
