Debevoise & Plimpton LLP has advised Resolution Life in its offering of $750 million of 6.875% ancillary Tier 1 notes (the “Notes”).

The Notes are perpetual and non-callable prior to 19 May 2032.

The initial interest rate will be reset on 19 November 2032 and every five years thereafter, subject to a floor of 6.875% and certain other conditions. The Notes qualify as Tier 1 regulatory capital under the Bermuda Insurance (Group Supervision) Rules.

The Notes were offered outside of the United States to non-U.S. persons in accordance with Regulation S under the U.S. Securities Act of 1933, as amended. The Notes have been admitted to trading on the International Securities Market of the London Stock Exchange.

Resolution Life is a global life insurance group focused on reinsurance and the acquisition and management of portfolios of life insurance policies.

For more information, please see the official press release.

The Debevoise team was led by partner Nicholas Pellicani and included associates Gavin Benson and Zhenya Lebedev, and law clerk Phoebe Brooke Steinfeld. Tax advice was provided by partner Daniel Priest, and associates Sabrina Hsieh and Harshil Mehta.