January 9, 2018 / 12:04 PM / 9 months ago

BRIEF-Assurant And The Warranty Group Amend Deal Structure

Jan 9 (Reuters) - Assurant Inc:

* ASSURANT AND THE WARRANTY GROUP AMEND DEAL STRUCTURE

* ASSURANT INC - ‍TRANSACTION REMAINS MODESTLY ACCRETIVE TO 2018 EARNINGS PER SHARE ON A RUN-RATE BASIS​

* ASSURANT INC - ‍UNDER REVISED TERMS, ASSURANT WILL ACQUIRE TWG HOLDINGS LIMITED AND ITS SUBSIDIARIES, AND REMAIN A DELAWARE CORPORATION​

* ASSURANT INC - ‍TRANSACTION REMAINS VALUED AT $1.9 BILLION IN EQUITY VALUE OR $2.5 BILLION OF ENTERPRISE VALUE, INCLUDING WARRANTY GROUP’S EXISTING DEBT​

* ASSURANT INC - ‍UPON CLOSING OF DEAL , ASSURANT’S BOARD WILL BE COMPRISED OF 14 DIRECTORS, INCLUDING TWO FROM TPG CAPITAL​

* ASSURANT INC - ‍TPG CAPITAL AND ITS AFFILIATES WILL RECEIVE 10.4 MILLION ASSURANT SHARES, OR APPROXIMATELY 19.8 PERCENT OF CURRENT SHARES OUTSTANDING​

* ASSURANT INC - ‍STRATEGIC RATIONALE AND OTHER KEY TERMS PREVIOUSLY ANNOUNCED ARE UNCHANGED​

* ASSURANT INC - ENTERED INTO A NEW COMMITMENT LETTER FOR A $1.5 BILLION BRIDGE FACILITY (INCREASED FROM $1.0 BILLION) TO REFLECT NEW DEAL STRUCTURE​

* ASSURANT INC - ‍BY END OF 2019, ASSURANT EXPECTS TO GENERATE $60 MILLION OF PRE-TAX OPERATING SYNERGIES BY OPTIMIZING GLOBAL OPERATIONS​

* ASSURANT INC - UNDER AMEMDED TERMS, FOR FEWER ASSURANT SHARES, TPG CAPITAL,AFFILIATES WILL GET INCREASED CASH CONSIDERATION, TOTALING ABOUT $860 MILLION​

* ASSURANT INC - ‍CURRENTLY EXPECTS TO REPLACE NEW BRIDGE FACILITY WITH A COMBINATION OF DEBT AND EQUITY, SUBJECT TO MARKET CONDITIONS​

* ASSURANT INC - ‍TRANSACTION WILL NO LONGER BE TAXABLE TO ASSURANT’S SHAREHOLDERS IN U.S. OR OTHER JURISDICTIONS​

* ASSURANT INC - ‍ASSURANT’S CURRENT SENIOR MANAGEMENT TEAM WILL LEAD COMBINED ORGANIZATION​

* ASSURANT INC - REVISED DEAL FOLLOWS RECENTLY ENACTED U.S. TAX LEGISLATION & ALLOWS ASSURANT TO SIMPLIFY OVERALL DEAL STRUCTURE Source text for Eikon: Further company coverage:

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