XL Remarketing Plans For 8.25% Senior Notes
XL Group plc announced today [July 22] that its wholly-owned subsidiary, XL Company Switzerland GmbH, has entered into a Remarketing Agreement relating to the remarketing of XL’s $575 million aggregate principal amount of 8.25% senior notes due August 2021 comprising a part of the Equity Security Units issued in 2008. Goldman, Sachs & Co. will act as the agent for the remarketing.
XL Group Ltd. currently anticipates that it will participate in the remarketing and submit an order to purchase some or all of the 8.25% Notes available to be remarketed, and will retire all such 8.25% Notes it may purchase in the remarketing.
The remarketing will commence on August 2, 2011 and is anticipated to settle on August 15, 2011, when the forward purchase contracts comprising part of the ESUs are to be settled. Subject to certain conditions, the proceeds from the remarketing of the 8.25% Notes will be used to satisfy the purchase price for XL’s ordinary shares to be issued and delivered to holders of the ESUs upon settlement of the forward purchase contracts.
The number of ordinary shares to be issued upon settlement of the forward purchase contracts will be determined based on the average trading price for the ordinary shares over a period preceding that date and is subject to a maximum of approximately 35.9 million shares.
