By Andrea Heisinger
New York, June 3 - ACE INA Holdings Inc. priced $500 million 5.9% 10-year senior notes Wednesday to yield Treasuries plus 245 basis points, according to a press release and an FWP filing with the Securities and Exchange Commission.
The notes (A3/A-/A) priced at 99.046 to yield 6.028% with a make-whole call of Treasuries plus 40 bps.
Bookrunners were Barclays Capital Inc., Morgan Stanley & Co. Inc. and RBS Securities Inc.
Co-managers were Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Wachovia Capital Markets LLC, ANZ Securities, Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC and Lloyds TSB Bank plc.
Proceeds will be used to refinance upcoming debt upon maturity and for general corporate purposes.
The notes are guaranteed by ACE Ltd.
The insurance and reinsurance company is based in Philadelphia.
| Issuer: | ACE INA Holdings Inc.
|
| Guarantor: | ACE Ltd.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | June 15, 2019
|
| Bookrunners: | Barclays Capital Inc., Morgan Stanley & Co. Inc., RBS Securities Inc.
|
| Co-managers: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Wachovia Capital Markets LLC, ANZ Securities Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, Lloyds TSB Bank plc
|
| Coupon: | 5.9%
|
| Price: | 99.046
|
| Yield: | 6.028%
|
| Spread: | Treasuries plus 245 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Trade date: | June 3
|
| Settlement date: | June 8
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A
|
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