Lancashire Hld Ltd Pricing Announcement of a Supplemental Offering

 
TIDMLRE 
 
THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR 
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE 
UNITED STATES, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER 
JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE 
UNLAWFUL. 
 
FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER 
OF SECURITIES IN ANY JURISDICTION. 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. 
 
                                                      LEI: 5493002UNUYXLHOWF752 
 
For immediate release 
 
                          LANCASHIRE HOLDINGS LIMITED 
 
30 March 2021 
 
Hamilton, Bermuda 
 
  Lancashire Holdings Limited announces pricing of a supplemental offering of 
                  fixed-rate reset junior subordinated notes 
 
Lancashire Holdings Limited (the "Company" or "Lancashire") today announces 
that it has priced a supplemental offering (the "Offering") of U.S.$50 million 
in aggregate principal amount of 5.625% fixed-rate reset junior subordinated 
notes due 2041 (the "Additional Notes") which are to form part of the same 
series of the Company's currently outstanding U.S.$400 million fixed-rate reset 
junior subordinated notes due 2041 (the "Existing Notes"), as announced by the 
Company on 8 and 12 March 2021. 
 
The Company expects to use the majority of the net proceeds of the issue of the 
Additional Notes (together with the net proceeds of the issue of the Existing 
Notes) to redeem its outstanding senior and subordinated indebtedness, with the 
balance being used for general corporate purposes. The Additional Notes will 
receive "Tier 2 Ancillary Capital" treatment by the Bermuda Monetary Authority. 
 
The Offering has been conducted as a private offering to qualified 
institutional investors in various jurisdictions and outside of the U.S. in 
accordance with Regulation S under the U.S. Securities Act of 1933, as amended, 
(the "Securities Act"). The Additional Notes will be sold and registered in 
minimum denominations of U.S.$200,000 and integral multiples of U.S.$1,000 in 
excess thereof. 
 
Application will be made for the Additional Notes to be admitted to trading on 
the International Securities Market of the London Stock Exchange and will be 
fully fungible with the Existing Notes upon admission. 
 
 
For further information, please contact: 
 
Lancashire Holdings Limited 
Christopher Head                                              [phone] 
Group Company Secretary 
[e-mail] 
 
Jelena Bjelanovic                                              [phone] 
Group Head of Investor Relations 
[e-mail] 
 
Morgan Stanley (Sole Bookrunner)                 [phone] 
Howard Brocklehurst 
Ben Grindley 
Ben Williams 
 
FTI Consulting (Public Relations)                   [phone] 
Edward Berry 
[e-mail] 
Tom Blackwell 
[e-mail] 
 
 
This announcement should be read in its entirety. In particular, you should 
read and understand the information provided in the "Important Notices" section 
of this announcement. 
 
About Lancashire 
 
Lancashire, through its U.K. and Bermuda-based operating subsidiaries, is a 
provider of global specialty insurance and reinsurance products. 
 
Including the Existing Notes of U.S.$400 million, Lancashire has capital of 
approximately U.S.$2.3 billion (31 December 2020 - U.S.$1.9 billion) and its 
common shares trade on the premium segment of the Main Market of the London 
Stock Exchange under the ticker symbol LRE. 
 
Lancashire has its head office and registered office at Power House, 7 
Par-la-Ville Road, Hamilton HM 11, Bermuda. 
 
The Bermuda Monetary Authority is the Group Supervisor of the Lancashire Group. 
 
For more information, please visit Lancashire's website at 
www.lancashiregroup.com. 
 
This release contains information, which may be of a price sensitive nature, 
that Lancashire is making public in a manner consistent with the Market Abuse 
Regulation (EU) No 596/2014 ("EU MAR") in the European Economic Area,  EU MAR 
as it forms part of the domestic law of the U.K. by virtue of the European 
Union (Withdrawal) Act 2018 (as amended, including by the European Union 
(Withdrawal Agreement) Act 2020) (the "EUWA")  and other regulatory 
obligations. 
 
The information was submitted for publication, through the agency of the 
contact persons set out above, at 07:00 BST on 30 March 2021. 
 
IMPORTANT NOTICES 
 
This announcement has been issued by, and is the sole responsibility of, the 
Company. The Offering is being made by means of an offering memorandum to 
qualified institutional investors who are not resident in any of the Excluded 
Jurisdictions (as defined below). A copy of the offering memorandum is 
available for information purposes only to persons outside of Excluded 
Jurisdictions at the Company's website at www.lancashiregroup.com. 
 
This announcement is for information purposes only and does not constitute or 
form a part of any offer or solicitation to purchase or subscribe for the 
Additional Notes in the United States, Australia, the Republic of South Africa 
or Japan or in any other jurisdiction in which such offers or sales are 
unlawful, or constitute a violation of the relevant laws of, or require 
registration of such Additional Notes, in the relevant jurisdiction (the " 
Excluded Jurisdictions"). 
 
There will be no public offer of the Additional Notes in the United States. Any 
Additional Notes issued in connection with the Offering have not been and will 
not be registered under the Securities Act or under any applicable securities 
laws of any state, county or other jurisdiction of the United States and may 
not be offered or sold directly or indirectly in, into or within the United 
States except pursuant to an exemption from, or in a transaction not subject 
to, the registration requirements of the Securities Act and in compliance with 
the securities laws of any state, county or any other jurisdiction of the 
United States. 
 
Any Additional Notes issued in connection with the Offering have not been and 
will not be registered under any applicable securities laws of any state, 
province, territory, county or other jurisdiction of any Excluded Jurisdiction. 
Accordingly, unless an exemption under relevant securities laws is applicable, 
any such securities may not be offered, sold, resold, taken up, exercised, 
renounced, transferred, delivered or distributed, directly or indirectly, in or 
into any of the Excluded Jurisdictions. 
 
This announcement is only addressed to and directed at and may only be 
communicated to (i) any investor that is outside the U.K.; (ii) persons having 
professional experience in matters relating to investments who fall within the 
definition of "investment professionals" in Article 19(5) of the Financial 
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); 
(iii) high net worth bodies corporate, unincorporated associations and 
partnerships and trustees of high value trusts as described in Article 49(2) of 
the Order; or (iv) persons to whom it may otherwise lawfully be communicated 
(all such persons together being referred to as "Relevant Persons"). Any 
investment or investment activity to which this announcement relates is only 
available to, and will be engaged in only with, Relevant Persons. 
 
This announcement does not constitute and shall not, in any circumstances, 
constitute a public offering nor an invitation to the public in connection with 
any offer (i) within the meaning of Regulation (EU) 2017/1129 (as amended the " 
Prospectus Regulation") in the European Economic Area or (ii) within the 
meaning of the Prospectus Regulation as it forms part of the domestic law of 
the U.K. by virtue of the EUWA. 
 
Manufacturer target market (U.K. MiFIR product governance) is eligible 
counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook, 
and professional clients only (all distribution channels), as defined in 
Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the 
EUWA ("U.K. MiFIR"). No PRIIPs key information document (KID) has been prepared 
as the Additional Notes will not be available to retail investors in the 
European Economic Area or the U.K. 
 
Certain statements contained in this announcement constitute "forward-looking 
statements" with respect to the financial condition, issuance of debt, 
redemptions of existing indebtedness, performance, strategic initiatives, 
objectives, results of operations and business of the Company and its 
subsidiary undertakings (the "Group"). All statements other than statements of 
historical facts included in this announcement are, or may be deemed to be, 
forward-looking statements. Without limitation, any statements preceded or 
followed by or that include the words "believes", "anticipates", "aims", 
"plans", "projects", "forecasts", "guidance", "intends", "expects", 
"estimates", "predicts", "may", "can", "likely", "will", "seeks", "should", or, 
in each case, their negative or comparable terminology and similar statements 
are of a future or forward-looking nature. Such forward-looking statements 
involve known and unknown risks, uncertainties and other important factors that 
could cause the actual results, performance or achievements of the Group to be 
materially different from future results, performance or achievements expressed 
or implied by such forward-looking statements. For a description of some of 
these factors, see the Company's annual report and accounts for the year ended 
31 December 2020 (the "Annual Report and Accounts"). In addition to those 
factors contained in the Annual Report and Accounts, any forward-looking 
statements contained in this announcement may be affected by the impact of the 
ongoing COVID-19 pandemic on the Group's clients, the debt capital markets, the 
securities in the Group's investment portfolio and on global financial markets 
generally, as well as any governmental or regulatory changes or judicial 

interpretations, including policy coverage issues arising therefrom. For the 
avoidance of doubt, nothing in this announcement constitutes a notice of 
redemption of any existing indebtedness. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

March 30, 2021 02:00 ET (06:00 GMT)