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XL Capital to make payment on convertibles due 2021 to discourage exercise of put
New York, May 18 - XL Capital Ltd. said it is offering a sweetener to discourage exercise of the upcoming put on its zero-coupon convertible debentures due 2021.
The Hamilton, Bermuda, insurance and reinsurance company will make a one-time cash payment of $14.84 per $1,000 principal amount at maturity to holders of record as of the close of business on May 26. The payment is equivalent to 2.31% of the accreted value.
The convertibles are putable for cash up to the close of business on May 21 at their accreted value of $641.88 per $1,000 principal amount on May 24.
If all the convertibles remain outstanding, XL will pay $15 million.
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