By Cristal Cody
Tupelo, Miss., June 12 – AXIS Specialty Finance plc priced $300 million of 3.9% 10-year senior notes (Baa1/A-) on Wednesday at a spread of Treasuries plus 185 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.363 to yield 3.977%.
Wells Fargo Securities, LLC and HSBC Securities (USA) Inc. were the bookrunners.
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 5.875% senior notes due 2020.
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: | $300 million
|
| Description: | Senior notes
|
| Maturity: | July 15, 2029
|
| Bookrunners: | Wells Fargo Securities, LLC and HSBC Securities (USA) Inc.
|
| Senior co-manager: | Citigroup Global Markets Inc.
|
| Junior co-manager: | BMO Capital Markets Corp., ING Financial Markets LLC and Lloyds Securities Inc.
|
| Coupon: | 3.9%
|
| Price: | 99.363
|
| Yield: | 3.977%
|
| Spread: | Treasuries plus 185 bps
|
| Call features: | Make-whole call before April 16, 2029 at price equal to par plus Treasuries plus 30 bps; thereafter at par
|
| Trade date: | June 12
|
| Settlement date: | June 19
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Distribution: | SEC registered
|
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