QBE wraps tenders for £215 million 6.125% notes in oversubscribed offer

By Susanna Moon

Chicago, Dec. 11 – QBE Insurance Group Ltd. said investors had tendered £470.26 million of its £550 million of 6.125% notes due 2015 in the offer that ended at 11 a.m. ET on Dec. 10.

The company lifted the tender offer cap to £215 million, from £200 million, and purchased the notes on a prorated basis with a scaling factor of 0.461894, according to a company press release.

As previously announced, the company will pay £1,043.00 per £1,000 principal amount of the notes plus accrued interest.

After settlement on Dec. 15, there will be £300 million of the notes left outstanding.

QBE noted before that the offer does not apply to £35 million of notes held by one of its indirect subsidiaries.

The tender was part of the plan announced in August to retire up to $400 million of senior debt.

The offer began Dec. 2.

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) were dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or qbe@lucid-is.com) was tender agent.

QBE is a Sydney, Australia-based insurance company.

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