Bermudian-based XL Group yesterday priced a public offering of €500 million ($557.6 million).

The notes, issued by XL Cayman, will yield 3.25 per cent during the fixed-interest period of ten years and a floating rate thereafter and will fall due in 2047. The notes are fully guaranteed by XL.

XL said it expected to gain net proceeds of around €490.8 million ($547.3 million) from the offering after deductions for underwriting fees and expenses.

The offering is expected to close next Thursday, subject to closing conditions.