09:45 AM EDT, 03/21/2024 (MT Newswires) -- SiriusPoint ( SPNT ) said Thursday it is proposing an offering of senior unsecured notes, a cash tender offer for all of its $400 million aggregate 4.6% senior notes due 2026, and a redemption of all of its outstanding $115 million aggregate 7% senior notes due 2025.

SiriusPoint ( SPNT ) said it plans to net proceeds from the debt offering, along with available cash, to fund the purchase of the 2026 notes, and any remaining proceeds for general corporate purposes.

Chief Executive Scott Egan said the company was opting to retire some of its debt after a 16% return on equity and record net income in 2023. "The debt offering, tender offer and redemption are important steps to optimize our capital structure and lower our debt leverage," he said.

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