XL Group begins tender offer for $71.9 million series C preferreds

By Angela McDaniels

Tacoma, Wash., July 18 - XL Group plc subsidiary XL Group Ltd. began a tender offer for its $71.9 million of series C preference ordinary shares, according to a company news release.

The 2,876,000 outstanding preferreds have a liquidation preference $25.00 each.

The company is offering $25.00 per preferred plus accrued dividends up to but excluding the purchase date.

The tender offer will expire at 5 p.m. ET on Aug. 15.

The tender offer is not contingent on any minimum number of preferreds being tendered or the availability of financing.

The company plans to use proceeds from a sale of senior notes due 2021 to fund the offer.

The dealer manager for the tender offer is Goldman Sachs & Co. (800 828-3182 or 212 357-4692). The information agent is Global Bondholder Services Corp. (866 857-2200).

XL Group provides insurance and reinsurance coverage. Its corporate headquarters are in Dublin, and its executive offices are in Hamilton, Bermuda.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.