HAMILTON, Bermuda, June 22, 2017 /PRNewswire/ -- XL Group Ltd (NYSE:
XL) (the "Company") announced today that its wholly-owned
subsidiary, XLIT Ltd. ("XL-Cayman"), has priced a public offering
of €500,000,000 aggregate principal amount of Fixed to
Floating Rate Subordinated Notes due 2047 (the "subordinated
notes"), which will be fully and unconditionally guaranteed by the
Company. The subordinated notes will be issued at 99.054% of par
value and will bear interest at a rate of 3.25% paid annually
during the initial fixed interest period of ten years and at a
floating rate thereafter. The offering is expected to close on
June 29, 2017, subject to customary
closing conditions.
The Company expects to receive net proceeds from this offering
of approximately euros490.8 million, after deducting
underwriting fees and estimated offering expenses. The Company
intends to use the net proceeds from the issue of the subordinated
notes to pay a portion of the tender consideration in connection
with the previously announced tender offers by XL-Cayman for
existing hybrid capital instruments, and to pay transaction fees
and expenses.
The joint bookrunning managers for the offering are Barclays
Bank PLC, Credit Suisse Securities (Europe) Limited, Goldman Sachs & Co. LLC
and HSBC Bank plc.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the subordinated notes or
any other securities, and shall not constitute an offer,
solicitation or sale of the subordinated notes or any other
securities in any state or jurisdiction in which such offer,
solicitation or sale is not permitted.
The offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-199842), and by
means of a prospectus and related prospectus supplement (when
available), which may be obtained by visiting the U.S. Securities
and Exchange Commission's website at www.sec.gov or by
contacting Barclays Bank PLC at 888-603-5847, Credit Suisse
Securities (Europe) Limited at
1-800-221-1037, Goldman Sachs & Co. LLC at 866-471-2526 or HSBC
Bank plc at 44 (0) 20 7991 8888.
About XL Group Ltd
XL Group Ltd (NYSE:XL), through its subsidiaries and under the
XL Catlin brand, is a global insurance and reinsurance company
providing property, casualty and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin
for answers to their most complex risks and to help move their
world forward. To learn more, visit www.xlgroup.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including with respect to the expected closing of the
offering. Statements that are not historical facts, including
statements about the Company's or XL-Cayman's beliefs, plans or
expectations, are forward-looking statements. These
statements are based on current plans, estimates and expectations,
all of which involve risk and uncertainty. Statements that
include the words "expect," "estimate," "intend," "plan,"
"believe," "project," "anticipate," "may," "could," "would," "look"
or similar statements of a future or forward-looking nature
identify forward-looking statements. Factors that could cause
actual results to differ from those predicted are set forth under
"Risk Factors" or "Cautionary Note Regarding Forward-Looking
Statements" in the Company's Annual Report on Form 10-K for the
year ended December 31, 2016 and our
other documents on file with the SEC. Neither the Company nor
XL-Cayman undertakes any obligation to update publicly or revise
any forward-looking statement, whether as a result of new
information, future developments or otherwise.
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SOURCE XL Group Ltd