QBE Insurance begins offer to exchange 2041 notes for new 2042 notes

By Marisa Wong

Morgantown, W.Va., May 4 – QBE Insurance Group Ltd. is inviting holders of the £325 million fixed-rate reset guaranteed exchangeable subordinated callable notes due 2041 issued by QBE Capital Funding IV Ltd. to tender their notes in exchange for new sterling-denominated subordinated notes due 2042, according to a press release.

The offer will expire at noon ET on May 17.

The new notes will be issued by QBE under its recently launched $4 billion medium-term note program.

The exchange price will be calculated using the interpolated mid-swap rate and an exchange spread of 365 basis points.

Pricing of the offer and the new notes will occur on May 18.

HSBC Bank plc (+44 (0)20 7992 6237, attn.: liability management group, liability.management@hsbcib.com) and Morgan Stanley & Co. International plc (+44 (0)20 7677 5040, attn.: liability management group, liabilitymanagementeurope@morganstanley.com) are the lead dealer managers for the Regulation S offer. National Australia Bank Ltd. is also a dealer manager and the bookrunner. Lucid Issuer Services Ltd. is the exchange agent.

QBE is a Sydney, Australia-based insurance company.

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