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QBE Insurance announces approval in consent solicitation for 4% notes
Chicago, July 16 – QBE Insurance Group Ltd. announced the results of its consent solicitation for its $400 million 4% fixed-rate perpetual capital notes (ISIN XS1707749229), according to a notice.
Noteholders approved the amendments and the capital notes will be reclassified out of borrowings and into equity.
Consent fees will be paid on July 17.
As previously reported, the company was seeking holder consents to provide that, if the Australian Prudential Regulation Authority determines QBE would become non-viable, the capital notes would be written off rather than converted into ordinary shares.
The amendment aligns the loss absorption mechanism and the accounting equity treatment of the notes with those of the $500 million of perpetual fixed rate resetting capital notes issued by QBE on May 12.
Morrow Sodali Ltd. (852 2158 8405, +44 20 7355 0628, 203 609-4910 or qbe@investor.morrowsodali.com) was the information and tabulation agent.
Citigroup Global Markets Ltd., Credit Agricole CIB and Hongkong and Shanghai Banking Corp. Ltd., Sydney Branch were the solicitation agents.
QBE is a Sydney, Australia, insurance and reinsurance company.
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