Enstar Group Limited’s Fixed‑to‑Floating Rate Junior Subordinated Notes Offering and Concurrent Cash Tender Offer

Cravath represented the initial purchasers in connection with the $500 million 144A/Reg. S fixed-to-floating rate junior subordinated notes offering of Enstar Group Limited ("Enstar"), a leading global (re)insurance group that offers innovative capital release solutions and specialty underwriting capabilities. Cravath also represented the dealer managers in connection with Enstar's concurrent $500 million cash tender offer for a series of Enstar's outstanding debt securities. The transactions closed on July 1, 2026.

The Cravath team included partners Andrew J. Pitts and C. Daniel Haaren and associates Alan J. Steiner, Amanda Zhao and Yang Hyun (Yanni) Cho on capital markets matters, and partner Arvind Ravichandran and associates Frederick Schemel and Cameron Averill on tax matters.