Clifford Chance

Clifford Chance advises Watford Holdings Ltd. on its $175.0 million offering of senior notes

A cross-border Clifford Chance team advised Watford Holdings Ltd. ("Watford") on its offering of $175.0 million aggregate principal amount of 6.50% senior unsecured notes due 2029, offered pursuant to Rule 144A and Regulation S under the Securities Act of 1933. The offering closed on July 2, 2019. The notes are expected to receive Tier 3 capital treatment under the Bermuda Monetary Authority's capital requirement rules.

Watford is a global provider of property and casualty insurance and reinsurance. This matter follows a number of engagements with this client, starting with the Watford's initial $1.1 billion capital raise and launch of its multi-line reinsurance subsidiary, Watford Re Ltd., in 2014 and, more recently, Watford's April 2019 direct listing of its common shares on the Nasdaq Global Select Market.

The team included partners Gary Boss, Per Chilstrom and Mike Seaton, assisted by New York associates Dean Agnos (Insurance), Kirsten Gaeta (Insurance) and Sean Smestad (Tax) as well as London associate Drew Rundus (Capital Markets).

Watford's press release for the pricing of the offering is available here.