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QBE Insurance tenders for up to £200 million of 6.125% notes due 2015
New York, Dec. 2 – QBE Insurance Group Ltd. announced the start of a tender offer to buy up to £200 million of its £550 million of 6.125% notes due 2015.
The company will pay £1,043.00 per £1,000 principal amount of the notes plus accrued interest.
If the offer is oversubscribed, QBE will accept notes on a pro rata basis.
The tender ends at 11 a.m. ET on Dec. 10. Settlement is scheduled for Dec. 15.
QBE noted that the offer does not apply to £35 million of notes currently held by one of its indirect subsidiaries.
The tender is part of the plan announced in August to retire up to $400 million of senior debt.
Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com) and Merrill Lynch International (+44 20 7995 3715, +44 20 7995 2929, john.m.cavanagh@baml.com or kulwant.bhatti@baml.com) are dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or qbe@lucid-is.com) is tender agent.
QBE is a Sydney, Australia-based insurance company.
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