offering to pay for debts.

ACE said that it priced a public offering of 300,000 shares of 9.7 percent capital securities of ACE Capital Trust II, an indirect subsidiary of ACE Ltd, at $998.35 each.

The company said that each capital security will pay cumulative cash distributions at the annual rate of 9.7 percent of the liquidation amount of $1,000 per security payable every six months, beginning October 1 this year.

The securities will mature April 1, 2030 and may not be extended. The net proceeds from this offering will be used to repay commercial paper at ACE INA Holdings Inc.