By Aleesia Forni
Virginia Beach, May 21 - ACE INA Holdings Inc. priced $700 million of 3.35% senior notes (A3/A+/A+) due 2024 on Wednesday with a spread of 82 basis points over Treasuries, an informed source said.
Pricing was at 99.85 to yield 3.368%.
Goldman Sachs & Co., ANZ Securities, J.P. Morgan Securities LLC and Mitsubishi UFJ Securities (USA) Inc. were the joint bookrunners.
The company plans to use proceeds from the offering to repay $700 million of its 2.6% senior notes maturing in November 2015, according to a prospectus supplement with the Securities and Exchange Commission.
The notes are guaranteed by ACE Ltd.
ACE INA was last in the U.S. bond market with $950 million of senior notes priced in two parts on March 6, 2013.
The sale included $475 million of 2.7% 10-year notes priced with a spread of Treasuries plus 80 basis points and $475 million of 4.15% 30-year bonds sold at Treasuries plus 100 bps.
The Bermuda-based holding company for insurance and reinsurance subsidiaries is a unit of Zurich-based ACE Ltd.
| Issuer: | ACE INA Holdings Inc.
|
| Guarantor: | ACE Ltd.
|
| Amount: | $700 million
|
| Description: | Senior notes
|
| Maturity: | May 15, 2024
|
| Bookrunners: | Goldman Sachs & Co., ANZ Securities, J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc.
|
| Senior co-managers: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Wells Fargo Securities, LLC
|
| Co-managers: | Barclays, HSBC Securities (USA) Inc., ING Financial Markets LLC, Lloyds Securities Inc., BofA Merrill Lynch, RBS Securities Inc.
|
| Junior co-managers: | BNY Mellon Capital Markets, LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Standard Chartered Bank
|
| Coupon: | 3.35%
|
| Price: | 99.85
|
| Yield: | 3.368%
|
| Spread: | Treasuries plus 82 bps
|
| Trade date: | May 21
|
| Settlement date: | May 27
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Price talk: | Treasuries plus 85 bps area
|
| Make-whole call: | Treasuries plus 15 bps
|
| Distribution: | SEC-registered
|
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