Nashville, Dec. 17 - Swiss Life (Cayman) Finance Ltd., a unit of the Swiss Life Group, sold CHF341 million of one-year mandatory convertibles at par to yield 1.0% with a 0% initial conversion premium via lead manager Credit Suisse First Boston.
The issue, launched at CHF350 million, is guaranteed by Swiss Life Holding. It sold at the aggressive end of price talk for a 1.0% to 1.5% dividend.
OZ Bankers A.G. sold 237,706 Swiss Life/Rentenanstalt shares to Swiss Life Holding and received a guaranteed allocation from the mandatory offering corresponding to the volume of shares it sold. A ratio of 1.55 Swiss Life Holding shares per Rentenanstalt share was applied.
Terms of the convertible offering are:
| Issuer: | Swiss Life (Cayman) Finance Ltd.
|
| Guarantor: | Swiss Life Holding
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| Reference shares: | Swiss Life Holding
|
| Issue: | Mandatory convertibles
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| Lead manager: | Credit Suisse First Boston
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| Amount: | CHF341 million
|
| Maturity: | One year
|
| Dividend: | 1.0%
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| Price: | Par, CHF1,000
|
| Redemption price: | Par
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| Yield: | 1.0%
|
| Conversion premium: | 0%
|
| Conversion price: | CHF215
|
| Conversion ratio: | 4.65116
|
| Call: | Non-callable
|
| Price talk: | 1.0-1.5%, up 0%
|
| Pricing date: | Dec. 17
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| Settlement date: | Dec. 30
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