By Cristal Cody
Tupelo, Miss., Nov. 29 – AXIS Specialty Finance plc priced $350 million of 4% 10-year senior notes (Baa1/A-) on Wednesday, according to a news release.
Credit Suisse Securities (USA) LLC, Barclays, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. were the bookrunners.
Additional pricing details were not immediately available.
The notes are fully and unconditionally guaranteed by parent company AXIS Capital Holdings Ltd.
Proceeds will be used to repay or redeem the company’s 2.65% senior notes due April 1, 2019 and for general corporate purposes.
The company plans to list the notes on the Bermuda Stock Exchange.
AXIS is a Pembroke, Bermuda-based provider of specialty lines insurance and treaty reinsurance with shareholders’ equity.
| Issuer: | AXIS Specialty Finance plc
|
| Guarantor: | AXIS Capital Holdings Ltd.
|
| Amount: | $350 million
|
| Description: | Senior notes
|
| Maturity: | 2027
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Barclays, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc.
|
| Coupon: | 4%
|
| Trade date: | Nov. 29
|
| Settlement date: | Dec. 6
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
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