By Paul A. Harris
St. Louis, March 9 - East Lane Re III Ltd. has priced a $150 million issue of its Libor plus 1,025 basis points 2009-1 class A three-year floating-rate notes (BB) at par, according to an informed source.
The issue came at the wide end of three-month Libor plus 950 bps to 1,025 bps price talk.
Goldman Sachs & Co. was the lead arranger for the Rule 144A for life notes. Citigroup Global Markets Inc. was the joint bookrunner.
The "Cat," short for "catastrophe," bonds are linked exclusively to Florida hurricane risk.
The underlying insurer is Chubb Corp. (AA).
| Issuer: | East Lane Re III Ltd.
|
| Amount: | $150 million
|
| Maturity: | March 16, 2012
|
| Security description: | Series 2009-1 class A three-year floating-rate notes
|
| Lead arranger: | Goldman Sachs & Co.
|
| Joint bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | Three-month Libor plus 1,025 bps
|
| Price: | Par
|
| Trade date: | March 4
|
| Settlement date: | March 10
|
| Rating: | Standard & Poor's: BB
|
| Distribution: | Rule 144A for life
|
| Price talk: | Price talk three-month Libor plus 950 bps to 1,025 bps
|
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