AXA’s XL Group prices tender offer for subordinated notes due 2045

By Wendy Van Sickle

Columbus, Ohio, March 10 – XL Group Ltd. priced its tender offer for any and all of its outstanding 5.5% subordinated notes due 2045 (Cusip: 98420EAD7), according to a news release. Of the original $500 million principal amount, $483,305,000 is outstanding.

The company is offering to buy the notes at $1,039.06 per $1,000 principal amount. The tender consideration is based on the 3.875% U.S. Treasury due Feb. 15, 2043 and a fixed spread of 130 basis points. Accrued interest will also be paid to the settlement date.

Pricing was set at 1 p.m. ET on March 10.

The offer was announced on March 6 and expires at 5 p.m. ET on March 10, also the withdrawal deadline.

The offer will settle on March 14.

There are guaranteed delivery procedures. Settlement for guaranteed delivery will be March 15.

BofA Securities is the dealer manager (+44 20 7996 5420, 888 292-0070, 980 387-3907, DG.LM-EMEA@bofa.com).

D.F. King & Co., Inc. is the tender agent for the offer (+44 20 7920 9700, xlgroup@dfking.com, https://sites.dfkingltd.com/XLGroup).

XL Group is the property and casualty and specialty risk division of AXA. Headquarters are in Stamford, Conn.

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