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TFP prices $2.04 billion refi, cutting debt spread on Term Loan B
The refinancing lowers TFP’s borrowing cost from SOFR plus 5.0% to SOFR plus 2.7% and is backed by inaugural public credit ratings from Moody’s, Fitch, and S&P.
The Fidelis Partnership, a specialty insurance and reinsurance group, has priced a $2.04 billion refinancing that replaces its existing unitranche facility with a new senior secured Term Loan B, according to Reinsurance News.
TFP said the deal significantly reduces its cost of debt by narrowing the spread on the new financing from SOFR plus 5.0% to SOFR plus 2.7%, and it is intended to give the group access to blue chip institutional investors in public debt markets to enhance financial flexibility.
The transaction also reflects newly issued public credit ratings, with Moody’s assigning Ba3 with a Stable outlook, Fitch giving BB- with a Positive outlook, and S&P rating B+ with a Positive outlook, which TFP said provide independent validation of its underwriting track record and financial profile.
TFP reported that since its last refinancing in 2024 it has continued executing its strategy, including growing 2025 written premiums to $5.4 billion through organic growth, underwriting across 150 plus lines of business in 140 countries, and supporting capacity for 2026 via a 10-year rolling binder relationship with Pelagos Insurance Capital and Lloyd’s platforms.