On June 20, 2016, The Phoenix Companies, Inc. ("Phoenix") announced the completion of the acquisition of Phoenix by Nassau Reinsurance Group Holdings, L.P. ("Nassau Re") in accordance with the previously announced Agreement and Plan of Merger dated September 28, 2015. The acquisition made Phoenix a privately held, wholly owned subsidiary of Nassau Re. In 2018, The Phoenix Companies, Inc. changed its name to The Nassau Companies of New York.
The Nassau Companies of New York (formerly named The Phoenix Companies, Inc.) pays interest on the 7.45% Quarterly Interest Bonds due 2032 (CUSIP 71902E208) on a quarterly basis. Payment dates are January 15, April 15, July 15 and October 15. When the payment date occurs on a weekend or holiday, interest is paid on the next business day. In 2020, interest will be paid on January 15, April 15, July 15 and October 15.
When The Phoenix Companies, Inc. became a privately held company on June 20, 2016, the 7.45% Quarterly Interest Bonds due 2032 ceased being listed for trading on the New York Stock Exchange. The bonds remain outstanding and began trading over the counter on June 27, 2016. There were no changes to the terms or the obligation. There were no changes to the CUSIP (71902E208) or TRACE symbol (PNX3814338) for this security when the name of the company changed to The Nassau Companies of New York.
As a privately held company, we restrict access to our financial information. Only current bondholders or prospective purchasers, as well as securities analysts and market makers, are eligible to obtain access to the Secure Financial Information Portal to which we have agreed to post certain reports required by the Indenture, as supplemented, governing the bonds. See the history of our transactions in the last section.
Annual consolidated GAAP financial statements will be made available within 120 days following the end of each fiscal year and quarterly consolidated GAAP financial statements will be made available within 60 days after the end of each of the first three fiscal quarters in each fiscal year.
Phoenix stockholders received $37.50 in cash, without interest, for each share of common stock owned immediately before the transaction was effected at the close of business on June 20, 2016. Phoenix’s common stock (NYSE:PNX) ceased trading and was delisted from the New York Stock Exchange.
No changes were made to insurance policies or annuities with Phoenix as a result of the Nassau Re transaction. The company continues to offer quality life insurance and annuity products and is here to support policyholders from our existing Hartford, Connecticut, headquarters and East Greenbush, New York, service center.
Computershare Inc. ("Computershare") is the paying agent with respect to the Phoenix common stock. Computershare sent stockholders who hold stock certificates or a combination of stock certificates and book-entry shares, a letter of transmittal containing instructions on how their shares may be exchanged for payment of the merger consideration. Stockholders who held only book-entry shares (those shares which are held electronically or in non-paper form) received their proceeds automatically from Computershare.
Phoenix stockholders with questions regarding their shares of common stock or the exchange of such shares should contact Computershare Inc. directly at:
Corporate Action Department
250 Royall Street
Canton, MA 02940
800-546-5141 (inside the US and Canada)
781-575-2765 (outside the US and Canada)
On March 4, 2016, The Phoenix Companies, Inc. announced the successful consent solicitation of bondholders holding its 7.45% Quarterly Interest Bonds due 2032 (CUSIP 71902E 20 8) to amend the indenture governing the bonds. The approved amendment was in connection with the acquisition of Phoenix by Nassau Reinsurance Group Holdings, L.P.