SINGAPORE: MS&AD Insurance Group Holdings Inc. and its consolidated subsidiary, Mitsui Sumitomo Insurance Company, Limited announced that MSI will issue $910 million US dollar-denominated perpetual subordinated notes with interest deferral options in order to improve its financial soundness and increase its capital buffer for implementing various measures including growth strategies.
The notes will be issued at a fixed rate of 4.95% per annum before March 6, 2029 and a fixed rate reset with step-up thereafter (reset every 5 years), a notice issued to Singapore Exchange (SGX) said.
Notes are callable on March 6, 2029 and every date which falls five, or multiple of five, years thereafter until the notes are fully redeemed at the discretion of Mitsui Sumitomo Insurance Company (MSI), subject to prior consent by the regulatory authority, etc.
The notes will be offered in overseas securities markets, including the United States, Europe and Asia, but not in Japan. They will not be offered or sold within the United States, except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the United States Securities Act of 1933.
The notes will be listed on the Singapore Exchange Securities Trading Limited.[the_ad id=”31605″]