By Andrea Heisinger
New York, Nov. 18 - ACE INA Holdings Inc. priced an upsized $700 million of 2.6% five-year senior notes on Thursday to yield Treasuries plus 108 basis points, a source who worked on the sale said.
The size was increased from the $500 million announced earlier in the day. The notes were sold at the tight end of guidance in the 110 bps area.
The notes (A3/A-/A) priced at 99.907 to yield 2.62%. They have a make-whole call at Treasuries plus 20 bps.
The notes are guaranteed by parent company ACE Ltd.
Bookrunners were Morgan Stanley & Co. Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC.
Proceeds are being used to repay debt and for general corporate purposes.
The issuer is an indirect subsidiary of insurance and reinsurance company ACE, based in Zurich, Switzerland.
Issuer: | ACE INA Holdings Inc.
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Guarantor: | ACE Ltd.
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Issue: | Senior notes
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Amount: | $700 million, increased from $500 million
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Maturity: | Nov. 23, 2015
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Bookrunners: | Morgan Stanley & Co. Inc., Deutsche Bank Securities Inc., Wells Fargo Securities LLC
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Coupon: | 2.6%
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Price: | 99.907
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Yield: | 2.62%
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Spread: | Treasuries plus 108 bps
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Call: | Make-whole at Treasuries plus 20 bps
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Trade date: | Nov. 18
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Settlement date: | Nov. 23
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Ratings: | Moody's: A3
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| Standard & Poor's: A-
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| Fitch: A
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Price talk: | 110 bps area
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