REINSURANCE GROUP OF AMERICA INC FILES (8-K) Disclosing Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On
subsidiary of
entered into a subscription agreement (the "Subscription Agreement") with
unaffiliated financial institutions as purchasers (the "Purchasers"), pursuant
to which Chesterfield Re has issued to the Purchasers 7.125% surplus notes due
2043 (the "Surplus Notes"). The aggregate principal amount of Surplus Notes
issued pursuant to the Subscription Agreement is
will use a portion of the proceeds of the Surplus Notes issuance to fund a
ceding commission paid to
in connection with assets and insurance liabilities transferred to Chesterfield
Re. The remainder of the proceeds will be used by Chesterfield Re for general
corporate purposes.
The Surplus Notes are redeemable prior to maturity, subject to the satisfaction
of customary notice and other requirements. In addition, pursuant to the
Subscription Agreement, Chesterfield Re made certain customary representations
and warranties. Upon the insolvency of Chesterfield Re, the Surplus Notes
immediately mature and thus all unpaid principal and interest will be
immediately due thereunder. Additionally, non-payment of any required payment of
principal or interest under the Surplus Note shall cause such amount to be
immediately due thereunder.
The Surplus Notes are obligations of Chesterfield Re and are reflected on the
consolidated financial statements of the Company. The Surplus Notes have not
been and will not be registered under the Securities Act of 1933, as amended,
and may not be offered or sold in
applicable exemption therefrom.
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