Enstar Group Ltd. $350 Million 5-Year 4.5% Senior Unsecured Notes Rated #BBB-#

Stocks and Financial Services Press Releases Wednesday March 8, 2017 09:54
NEW YORK--8 Mar--S&P Global Ratings

NEW YORK (S&P Global Ratings) March 7, 2017--S&P Global Ratings said todaythat it has assigned its 'BBB-' long-term debt rating to Enstar Group Ltd.'s(NASDAQ:ESGR) $350 million 4.50% senior unsecured notes due in 2022.

Enstar intends to use the net proceeds of this issue to repay a portion ofamounts outstanding under its revolving credit facility and its Sussexterm-loan facility. In addition, the company will use any remaining netproceeds from this offering for general corporate purposes. We expect Enstar'sfinancial leverage to remain below 20% and fixed-charge coverage to be greaterthan 8x, which is within our expectations.

The ratings reflect Enstar's strong competitive position as a leading run-offconsolidator, while the company continues to develop its collective brands inits active underwriting segment. In addition, Enstar has extremely strongcapital adequacy redundant at the 'AAA' level per our capital model, which weexpect to remain so through 2018. The company generated strong earnings(before distribution to noncontrolling interest) of $304 million in 2016,compared with $210 million in 2015.

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