SiriusPoint announces offering of 4.11M common shares for holders

SiriusPoint (SPNT) announced that entities associated with Daniel S. Loeb are offering an aggregate of 4.11M common shares through a registered secondary offering. SiriusPoint has indicated its intent to repurchase an aggregate of up to 2M of the common shares being offered in the offering at the public offering price. SiriusPoint would cancel any common shares it repurchases in the offering. Immediately following the completion of the offering and the previously announced repurchase of all of common shares and warrants currently held by CM Bermuda, it is expected that the Loeb Entities will own approximately 9.67% of SiriusPoint’s issued and outstanding common shares, up from approximately 9.4% prior to the offering and the CM Bermuda repurchase. Under the terms of the transaction, the remaining shares owned by the Loeb Entities will be subject to a 90 day lock-up agreement with the sole bookrunning manager. Jefferies is acting as the sole bookrunning manager for the proposed offering.