By Andrea Heisinger
Omaha, May 12 - ACE INA Holdings Inc. priced $450 million 5.6% seven-year senior notes on Monday to yield Treasuries plus 225 basis points, an informed source said.
The notes (A3/A-/A) priced at 99.647 with a make-whole redemption of Treasuries plus 35 bps.
There was no official price talk for the issue, the source said.
Bookrunners were Citigroup Global Markets Inc., J.P. Morgan Securities Inc. and Wachovia Capital Securities LLC.
Co-managers were Barclays Capital Inc., Deutsche Bank Securities Inc., HSBC Securities Inc., Mitsubishi UFJ Securities and RBS Greenwich Capital.
Proceeds will be used to repay inter-company debt to ACE, which will be used to pay a portion of the redemption price of outstanding preferreds.
The insurance company and subsidiary of holding company ACE Ltd. is based in Philadelphia.
| Issuer: | ACE INA Holdings Inc.
|
| Issue: | Senior notes
|
| Amount: | $450 million
|
| Maturity: | May 15, 2015
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Wachovia Capital Securities LLC
|
| Co-managers: | Barclays Capital Inc., Deutsche Bank Securities Inc., HSBC Securities Inc., Mitsubishi UFJ Securities, RBS Greenwich Capital
|
| Coupon: | 5.6%
|
| Price: | 99.647
|
| Spread: | Treasuries plus 225 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Trade date: | May 12
|
| Settlement date: | May 19
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A
|
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