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Argo Closes Notes Offerings
- Client News
- September 28, 2012
Practices
Argo Group US, Inc. (Argo) closed a public offering of $125 million of 6.500% Senior Notes due 2042, guaranteed by Argo Group International Holdings, Ltd. Paul, Weiss represented the underwriters for the transaction, which was led by Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities LLC as joint bookrunning managers.
Following the initial closing, Argo closed the issuance of an additional $18.75 million of the Senior Notes following the exercise in full of the Underwriters' over-allotment option. The Senior Notes, sold primarily to retail investors, were issued in $25 principal amounts and were the first such notes to be listed on Nasdaq.
Argo is an international underwriter of specialty insurance and reinsurance products in the property and casualty market.
The Paul, Weiss team included corporate partners Christopher Cummings and Adam Givertz and tax partner David Sicular.