By Aleesia Forni
Virginia Beach, March 6 - AXIS Specialty Finance plc priced $500 million of senior notes (Baa1/A-/) in two tranches during Thursday's session, according to a market source.
A $250 million issue of 2.65% five-year notes priced with a spread of 110 basis points over Treasuries. The notes priced at 99.896 to yield 2.672%.
A second tranche was $250 million of 5.15% 31-year bonds priced at 150 bps over Treasuries, or 99.471 to yield 5.184%.
The notes will be guaranteed by AXIS Capital Holdings Ltd.
Both tranches sold at the tight end of talk.
Barclays, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. were the joint bookrunners.
Proceeds will be used to repay the company's 5.75% senior notes due 2014.
AXIS is a Bermuda-based holding company for specialty reinsurance.
| Issuer: | AXIS Specialty Finance plc
|
| Guarantor: | AXIS Capital Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Joint bookrunners: | Barclays, Citigroup Global Markets Inc., HSBC Securities (USA) Inc.
|
| Trade date: | March 6
|
| Settlement date: | March 11
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
|
|
| Notes due 2019
|
| Amount: | $250 million
|
| Maturity: | April 1, 2019
|
| Coupon: | 2.65%
|
| Price: | 99.896
|
| Yield: | 2.672%
|
| Spread: | Treasuries plus 110 bps
|
| Price talk: | Treasuries plus 115 bps area
|
|
|
| Notes due 2045
|
| Amount: | $250 million
|
| Maturity: | April 1, 2045
|
| Coupon: | 5.15%
|
| Price: | 99.471
|
| Yield: | 5.184%
|
| Spread: | Treasuries plus 150 bps
|
| Price talk: | Treasuries plus 155 bps area
|
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