Sompo International Announces Cash Tender Offer for 7.00% Senior Notes Due 2034

PEMBROKE, Bermuda, June 20 -- Sompo International Holdings, a property and casualty insurance and reinsurance company, issued the following news release:

Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance ("Sompo International"), announced today that it has commenced a cash tender offer (the "Tender Offer") for any and all of its outstanding 7.00% Senior Notes due 2034 (the "Notes").

The Tender Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase and related Letter of Transmittal dated June 20, 2019. The Tender Offer will expire at 5:00 p.m. (New York City time) on June 26, 2019, unless extended or terminated as described in the Offer to Purchase (such time and date, as they may be extended, the "Expiration Time"). Holders of the Notes are urged to carefully read the Offer to Purchase and related Letter of Transmittal and Notice of Guaranteed Delivery before making any decision with respect to the Tender Offer.

The following table summarizes certain material terms of the Tender Offer:

To view the table, click here: https://www.sompo-intl.com/media-center/sompo-international-announces-cash-tender-offer-for-7-00-senior-notes-due-2034/

In order to be eligible to receive the "Total Consideration," holders must (i) validly tender their Notes at or prior to the Expiration Time or (ii) deliver a properly completed Notice of Guaranteed Delivery and all other required documents at or prior to the Expiration Time and validly tender their Notes at or prior to 5:00 p.m. (New York City time) on the second business day after the Expiration Time pursuant to guaranteed delivery procedures. The Total Consideration for each $1,000 principal amount of Notes validly tendered and not validly withdrawn will be determined in the manner described in the Offer to Purchase by reference to the fixed spread pricing formula linked to a yield on the bid-side price of the U.S. Treasury Reference Security listed above for the Tender Offer as of 2:00 p.m. (New York City time) on June 26, 2019, the date on which the Tender Offer is currently scheduled to expire. In addition to the Total Consideration, accrued and unpaid interest up to, but not including, the Settlement Date (as defined below) will be payable in cash on all validly tendered and accepted Notes. Interest will cease to accrue on the Settlement Date for all Notes accepted for purchase in the Tender Offer, including any such Notes tendered through guaranteed delivery procedures. As a result, Notes tendered through the guaranteed delivery procedures will not receive accrued interest from the Settlement Date through the Guaranteed Delivery Settlement Date, which is expected to be two business days after the Settlement Date.

Payment for Notes validly tendered in the Tender Offer and accepted by Sompo International for purchase will be made on the date referred to as the "Settlement Date" or, in the case of Notes tendered through guaranteed delivery procedures, the "Guaranteed Delivery Settlement Date." The Settlement Date is expected to occur on the next business day following the Expiration Time, and the Guaranteed Delivery Settlement Date is currently expected to occur on the third business day following the Expiration Time.

As described in the Offer to Purchase, tendered Notes may be withdrawn at any time on or prior to the earlier of (i) the Expiration Time and (ii) in the event that the Tender Offer is extended, the 10th business day after commencement of the Tender Offer; provided that Notes tendered pursuant to the Tender Offer may also be withdrawn at any time after the 60th business day after commencement of the Tender Offer if for any reason the Tender Offer has not been consummated within 60 business days of commencement.

The closing of the Tender Offer is subject to the satisfaction or waiver of certain conditions as set forth in the Offer to Purchase.

Sompo International reserves the right, subject to applicable law, to (i) waive any and all conditions to the Tender Offer, (ii) extend the Expiration Time, (iii) amend the Tender Offer in any respect (including, without limitation, to change the fixed spread) or (iv) terminate the Tender Offer on or prior to the Expiration Time and return the Notes tendered pursuant thereto, in each case by giving written or oral notice of such extension, amendment or termination to Global Bondholder Services Corporation, the tender agent (in such capacity, the "Tender Agent").

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Tender Offer is being made solely by means of the Offer to Purchase and related Letter of Transmittal and Notice of Guaranteed Delivery dated June 20, 2019. The Tender Offer is void in all jurisdictions where it is prohibited. In those jurisdictions where the securities, blue sky or other laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer will be deemed to be made on behalf of Sompo International by the Dealer Managers or one or more registered brokers or dealers licensed under the laws of such jurisdictions.

Mizuho Securities USA LLC and Wells Fargo Securities, LLC are acting as dealer managers (together, the "Dealer Managers") for the Tender Offer. Requests for documents may be directed to Global Bondholder Services Corporation, the information agent (in such capacity, the "Information Agent"), by telephone at (212) 430-3774 (banks and brokers) or (866)-470-4300 (toll-free), in writing at 65 Broadway, Suite 404, New York, New York, 10006 or by email at [email protected]. Copies of the Offer Documents are also available at the following website: https://gbsc-usa.com/sompo/. Questions regarding the Tender Offer may be directed to the Dealer Managers as follows: Mizuho Securities USA LLC may be contacted by telephone at (212) 205-7736 (collect) or (866) 271-7403 (toll-free) or in writing at 320 Park Avenue, New York, New York 10022; and Wells Fargo Securities, LLC may be contacted by telephone at (704) 410-4756 (collect) or (866) 309-6316 (toll-free) or in writing at Attn: Liability Management Group, 550 South Tryon Street, 5th Floor, Charlotte, North Carolina 28202. None of Sompo International or its affiliates, their respective boards of directors, the Dealer Managers, the Tender Agent, the Information Agent or the trustee for the Notes makes any recommendation as to whether holders should tender any of their Notes. Holders must make their own decision as to whether to tender any of their Notes and, if so, the principal amount of their Notes to tender.