Published on 3/17/2004 in the Prospect News Convertibles Daily.
New Issue: XL Capital $750 million mandatory convertible yields 6.5%, up 25%
Nashville, March 17 - XL Capital Ltd. sold $750 million of three-year mandatory convertibles at par of 25 to yield 6.5% with a 25% initial conversion premium via joint lead managers Citigroup Global Markets, Deutsche Bank Securities, Goldman Sachs and J.P. Morgan.
The deal sold at the tight end of revised guidance for a 6.5% to 6.75% dividend and a 23% to 25% initial conversion premium, which had been revised from original price talk for a 6.75% to 7.25% dividend and a 20% to 24% initial conversion premium.
Terms of the deal are:
Issuer: | XL Capital Ltd.
|
Issue: | Convertible mandatory units
|
Joint lead managers: | Citigroup Global Markets, Deutsche Bank Securities, Goldman Sachs and J.P. Morgan
|
Amount: | $750 million
|
Greenshoe: | $75 million
|
Maturity: | March 15, 2007
|
Dividend: | 6.5%
|
Price: | Par, $25
|
Yield: | 6.5%
|
Conversion premium: | 25%
|
Conversion price: | $93.9875
|
Conversion ratio: | 0.266
|
Call: | Non-callable
|
Price talk: | Revised: 6.5-6.75%, up 23-25%
|
| Original: 6.75-7.25%, up 20-24%
|
Pricing date: | March 17, after the close
|
Settlement date: | March 23
|
Distribution: | Registered
|
|
© 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.