Commentary & Deal Flow

Hiscox Ltd (ticker: "HSXLN"), expected to be rated BBB+ by S&P, has mandated Citi, HSBC, ING and Lloyds as Joint Lead Managers to arrange a series of fixed income investor calls commencing on 21-Sep-26.

An expected benchmark, Reg S Registered form, senior unsecured 5yr £ offering will follow, subject to market conditions.

• Stabilisation: FCA / ICMA stabilisation applies.
• Tender Offer: Hiscox Ltd has concurrently announced an any and all tender offer for its outstanding GBP250mn 6.000 per cent. Senior Unsecured Notes due 2027 (ISIN: XS2524678666) at G+45 bps, equivalent to the Make-Whole Redemption margin, pursuant to (and subject to the offer restrictions set out in) a Tender Offer Memorandum dated 21-Sep-26, with Citi, HSBC, ING and Lloyds acting as Dealer Managers. In the event that 80 per cent. or more of the principal amount of the Notes originally issued has been purchased, then Hiscox may, at its option, redeem all (but not some only) of the remaining Notes at their principal amount together with any accrued and unpaid interest up to (but excluding) the redemption date, subject to certain other conditions being satisfied. The expiration deadline for the tender offer is 4pm UKT on 28-Sep-26. The acceptance for purchase by Hiscox Ltd of any notes validly tendered in the tender offer is at its sole discretion and is subject, among other things, to the successful completion and settlement (in the sole determination of Hiscox Ltd) of the issue of the new Senior Unsecured notes referred to above (or waiver of such condition).
• Target Market: Manufacturer target market (MiFID II/ UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID)/CCI Product Summary has been prepared as not available to retail in EEA or the UK.