By Andrea Heisinger
New York, March 18 - AXIS Specialty Finance LLC sold $500 million of 5.875% 10-year senior unsecured notes on Thursday to yield 225 basis points over Treasuries, a source close to the sale said.
The notes (Baa1/A-/) priced at 99.624 to yield 5.926%.
The notes are guaranteed by AXIS Capital Holdings Ltd.
Bookrunners were Barclays Capital Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities.
Proceeds will be used for general corporate purposes.
The insurance and reinsurance company has its U.S. operations based in Alpharetta, Ga.
| Issuer: | AXIS Specialty Finance LLC
|
| Issue: | Guaranteed senior unsecured notes
|
| Guarantor: | AXIS Capital Holdings Ltd.
|
| Amount: | $500 million
|
| Maturity: | June 1, 2020
|
| Bookrunners: | Barclays Capital Inc., Deutsche Bank Securities Inc., Wells Fargo Securities
|
| Coupon: | 5.875%
|
| Price: | 99.624
|
| Yield: | 5.926%
|
| Spread: | Treasuries plus 225 bps
|
| Trade date: | March 18
|
| Settlement date: | March 23
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
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