AXA’s XL Group gives results of tender offer for 5.5% notes due 2045

By Marisa Wong

Los Angeles, March 13 – XL Group Ltd. announced the results of its March 6 tender offer for any and all of its $483,305,000 outstanding 5.5% subordinated notes due 2045 (Cusip: 98420EAD7).

The company will accept all tendered notes for purchase for cash in an aggregate principal amount of $247,974,000, according to a Monday press release.

In addition, $1.12 million of notes were tendered that remain subject to guaranteed delivery procedures.

If all notes tendered under guaranteed delivery procedures are delivered by the deadline, $234,211,000 of the original $500 million principal amount will remain outstanding after settlement.

The offer will settle on March 14. Settlement for guaranteed delivery will be March 15.

As reported, the company is offering to buy the notes at $1,039.06 per $1,000 principal amount. The tender consideration is based on the 3.875% U.S. Treasury due Feb. 15, 2043 and a fixed spread of 130 basis points. Accrued interest will also be paid to the settlement date.

Pricing was set at 1 p.m. ET on March 10.

The offer expired at 5 p.m. ET on March 10.

BofA Securities is the dealer manager (+44 20 7996 5420, 888 292-0070, 980 387-3907, DG.LM-EMEA@bofa.com).

D.F. King & Co., Inc. is the tender agent for the offer (+44 20 7920 9700, xlgroup@dfking.com, https://sites.dfkingltd.com/XLGroup).

XL Group is the property and casualty and specialty risk division of AXA. Headquarters are in Stamford, Conn.

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