ACE Limited Announces Pricing of $950 Million Senior Notes Offering by Subsidiary
ZURICH--(BUSINESS WIRE)-- ACE Limited (NYS: ACE) announced today that its subsidiary, ACE INA Holdings Inc., has agreed to sell $475 million of 2.70% senior notes due March 2023, and $475 million of 4.15% senior notes due March 2043. The notes are guaranteed by ACE Limited.
The net proceeds from the sale of the notes will be used to repay at maturity $500 million of the company's 5.88% senior notes maturing in June 2014 and $450 million of its 5.60% senior notes maturing in May 2015. Pending such application, the company may make the net proceeds available to its subsidiaries or invest them in marketable securities.
The joint book-running managers for the offering are Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Mitsubishi UFJ Securities (USA), Inc. and Deutsche Bank Securities Inc.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the senior notes or any other securities, nor will there be any sale of the senior notes or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made only by means of a prospectus supplement and accompanying prospectus. When available, copies of these documents may be obtained from: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling 1-800-831-9146; or Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, NC 28262, Attn: Capital Markets Client Support, or by calling 800-326-5897 or by email firstname.lastname@example.org. Alternatively, the prospectus supplement and accompanying prospectus may be obtained by visiting EDGAR on the SEC Web site at www.sec.gov.
The ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYS: ACE) and is a component of the S&P 500 index.
KEYWORDS: United States Bermuda Europe North America Caribbean New York Switzerland
The article ACE Limited Announces Pricing of $950 Million Senior Notes Offering by Subsidiary originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.