XL Announces Pricing Of $600m Of Senior Notes
Bermuda-based XL Group plc announced that its wholly-owned subsidiary, XLIT Ltd., has priced a public offering of $300,000,000 aggregate principal amount of 2.30% Senior Notes due 2018 and $300,000,000 aggregate principal amount of 5.25% Senior Notes due 2043, both of which will be fully and unconditionally guaranteed by XL.
XL-Cayman expects to receive net proceeds from this offering of approximately $592,955,000, after deducting underwriting discounts and estimated offering expenses.
XL-Cayman intends to use the net proceeds from the sale of the senior notes for the repayment at maturity of the outstanding $600,000,000 principal amount of its 5.25% Senior Notes due September 2014. The joint book-running managers for the offering are Barclays Capital Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC.
