Log In

Reset Password

XL prices $600m debt offering

XL Group plc last night priced a $600 million debt offering.

The Ireland-based global business insurer, with substantial operations in Bermuda, said its wholly-owned subsidiary, XLIT Ltd (XL-Cayman), has priced a public offering of $300 million aggregate principal amount of 2.3 percent senior notes due 2018 and $300 million aggregate principal amount of 5.25 percent senior notes due 2043, both fully and unconditionally guaranteed by XL.

In a statement XL added that XL-Cayman expects to receive net proceeds from this offering of approximately $592.95 million, after deducting underwriting discounts and estimated offering expenses. XL-Cayman intends to use the net proceeds from the sale of the senior notes for the repayment at maturity of the outstanding $600 million principal amount of its 5.25 percent senior notes due September 2014.

The joint book-running managers for the offering are Barclays Capital Inc, Deutsche Bank Securities Inc and JP Morgan Securities LLC.

You must be Registered or to post comment or to vote.

Published November 19, 2013 at 8:00 am (Updated November 18, 2013 at 10:26 pm)

XL prices $600m debt offering

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon