Essent Group Ltd. Prices $500 Million Senior Unsecured Notes Offering

June 26, 2024 at 18:24 PM EDT

Essent Group Ltd. (NYSE: ESNT) (the “Company”) today announced that it has priced its public offering (the “Offering”) of $500 million aggregate principal amount of senior unsecured notes (the “Notes”). The Offering is expected to close on July 1, 2024, subject to customary closing conditions.

The Notes will pay interest semiannually at a rate of 6.250% per year and will mature on July 1, 2029. The Company intends to use approximately $425 million of the net proceeds of the Offering to repay all of the term borrowings outstanding under the term loan portion of its existing credit facility, and the remainder for general corporate purposes.

J.P. Morgan, BofA Securities, Goldman Sachs & Co. LLC, Citizens Capital Markets, and US Bancorp are acting as joint book-running managers, and Huntington Capital Markets, KeyBanc Capital Markets, M&T Securities, Ramirez & Co., Inc., and Siebert Williams Shank are acting as co-managers, for the Offering.

The Notes are being offered for sale pursuant to a shelf registration statement on Form S-3 (Registration No. 333-277287), filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 22, 2024, which includes a prospectus for the offering to which this press release relates, and a related prospectus supplement, filed with the SEC on June 26, 2024. Before making an investment, potential investors should first read the prospectus supplement and accompanying prospectus, the registration statement and the other documents that the Company has filed or will file with the SEC for more complete information about the Company and the Offering. A copy of the prospectus supplement and the accompanying prospectus for the Offering has been filed with the SEC and is available for free on the SEC's website: www.sec.gov. Alternatively, copies may be obtained from J.P. Morgan Securities LLC by calling 1-212-834-4533 or BofA Securities, Inc. at 1-800-294-1322.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any security of the Company, nor will there be any sale of any such security in any jurisdiction in which such offer, sale or solicitation would be unlawful. The Offering may be made only by means of a prospectus supplement and accompanying prospectus filed with the SEC.

About the Company:

Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, “Essent”) which serves the housing finance industry by offering private mortgage insurance, reinsurance, risk management products and title insurance and settlement services to mortgage lenders, borrowers, and investors to support homeownership.

Source: Essent Group Ltd.