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LONDON - Hiscox (LON:HSX) Ltd, the global insurer, has set a maximum acceptance amount of $500 million for its tender offer concerning the Fixed to Floating Rate Callable Subordinated Notes due 2045. The offer, which was initially announced on Monday, invites holders of the outstanding £275 million notes to tender their holdings for purchase by the company for cash.
The tender offer is contingent on the successful pricing of Hiscox’s new $500 million fixed to floating rate callable subordinated notes due 2036, a condition known as the New Financing Condition. The acceptance of notes for purchase will depend on whether this condition is met or waived by the settlement date.
The conversion of the maximum acceptance amount into sterling will be determined by the U.S. dollar/sterling exchange rate at the time of the expiration deadline, which is reported on the Bloomberg BFIX Screen Page. Hiscox reserves the right to purchase more or less than the announced amount, or none at all, at its discretion.
Hiscox will communicate the final acceptance amount, the applied exchange rate, and any scaling factor for the valid tenders of notes on June 12, 2025. Noteholders interested in participating in the offer are advised to review the tender offer memorandum for detailed information and instructions.
The offer is subject to certain restrictions, particularly in the United States, where it is not being made directly or indirectly. The tender offer memorandum and this announcement do not constitute an offer to participate in any jurisdiction where it is unlawful to make such an invitation or for there to be such participation under applicable securities laws.
The securities, including the new notes, have not been registered under the U.S. Securities Act and may not be offered, sold, or delivered within the United States or to U.S. persons. The minimum denomination of the new notes will be $200,000.
This announcement is based on a press release statement by Hiscox Ltd and is intended to provide information regarding the tender offer. Noteholders should seek their own financial advice to understand the implications of participating in the offer, including any tax consequences.
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