AXIS Specialty will sell fixed-rate reset junior subordinated notes

By Devika Patel

Knoxville, Tenn., Dec. 2 – AXIS Specialty Finance LLC intends to price fixed-rate reset junior subordinated notes due 2040, according to a 424B5 filed with the Securities and Exchange Commission.

The notes bear interest at a fixed rate until Jan. 15, 2030 and then will be reset every five years to a rate based on the five-year Treasury rate.

The notes feature a make-whole call until Jan. 15, 2030 and may be redeemed at par plus interest after that.

Wells Fargo Securities LLC and Citigroup Global Markets Inc. are the bookrunners.

The notes are guaranteed by AXIS Capital Holdings Ltd.

Proceeds will be used for repayment or redemption of the company’s 5.875% senior notes due 2020 and the redemption of all of its 5.5% series D preferred shares.

The insurance and reinsurance company has U.S. operations based in Alpharetta, Ga.

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