By Devika Patel
Knoxville, Tenn., Nov. 30 – AXIS Specialty Finance plc offered further details on a $350 million sale of 4% 10-year senior notes (Baa1/A-) that priced on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.78 to yield 4.027% with a spread of Treasuries plus 165 bps.
Credit Suisse Securities (USA) LLC, Barclays, Citigroup Global Markets Inc. 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 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
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| Guarantor: | AXIS Capital Holdings Ltd.
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| Amount: | $350 million
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| Description: | Senior notes
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| Maturity: | Dec. 6, 2027
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| Bookrunners: | Credit Suisse Securities (USA) LLC, Barclays, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc.
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| Senior co-managers: | BMO Capital Markets Corp., ING Financial Markets LLC and Lloyds Securities Inc.
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| Junior co-managers: | RBC Capital Markets Corp. and RBS Securities Inc.
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| Coupon: | 4%
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| Price: | 99.78
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| Yield: | 4.027%
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| Spread: | Treasuries plus 165 bps
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| Call feature: | Make-whole call at Treasuries plus 25 bps until Sept. 6, 2027, then a par call
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| Trade date: | Nov. 29
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| Settlement date: | Dec. 6
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| Ratings: | Moody’s: Baa1
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| S&P: A-
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