Secondary Stock Offerings
By The Online Investor Staff, updated Sat., Nov. 17, 1:17 AM
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Slide #3. Enstar Group Limited — Secondary Offering
Company:
Enstar Group Limited (NASDAQ:ESGR)
Date announced:
11/14/2018
Shares Offered:
4,400,000
Date of Pricing:
11/14/2018
Price Per Share:
$25.00
Secondary Offering Details:
Enstar Group Limited ("Enstar") (Nasdaq:ESGR) today announced the pricing of its public offering of 4,400,000 depositary shares, each representing a 1/1,000th interest in its 7.00% Perpetual Non-Cumulative Preference Shares, Series E, $1.00 par value and $25,000 liquidation preference per share (equivalent to $25.00 per depositary share), for an aggregate public offering price of $110,000,000. The offering is expected to close on November 21, 2018, subject to satisfaction of customary closing conditions. Enstar has also granted the underwriters an option to purchase up to 660,000 additional depositary shares. Enstar intends to list the depositary shares on the NASDAQ Global Select Market under the ticker symbol "ESGRO" within 30 days of the closing.
Enstar Group is a holding company. Co. acquires and manages insurance and reinsurance companies and portfolios of insurance and reinsurance business in run-off. Co.'s four segments: Non-life Run-off, which comprises of the operations of its subsidiaries that run off property and casualty and other non-life lines of business; Atrium, which underwrites specialist marine, energy, aerospace, non-marine and liability classes; StarStone, which underwrites a range of property, casualty and specialty insurance through its operations in Bermuda, including the U.S., and the U.K.; and Life and Annuities, which consists of its subsidiaries managing its closed-block of life and annuity businesses.
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Avg. Broker Rec.
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Strong Buy (4.00 out of 4) 100th percentile
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