AXIS Capital Prices Offering Of $425 Million Notes

December 5, 2019 | 0 Comments

Bermuda-based AXIS Capital Holdings announced that its subsidiary, AXIS Specialty Finance LLC [Issuer], has priced an offering of $425.0 million aggregate principal amount of 4.900% Fixed-Rate Reset Junior Subordinated Notes due 2040, fully and unconditionally guaranteed on a junior subordinated basis by AXIS Capital, pursuant to an effective shelf registration statement.

“The Issuer intends to use the proceeds from the notes offering for the repayment or redemption of its 5.875% Senior Notes due 2020 and the redemption of all of the Company’s outstanding 5.50% Series D Preferred Shares, par value $0.0125 per share and a liquidation preference of $25 per share, equivalent to $225.0 million in aggregate liquidation preference, which are redeemable at the Company’s option at a price of $25.00 per share, plus declared and unpaid dividends, if any. The offering is expected to close on December 10, 2019, subject to customary closing conditions,” the company said.

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