XL Capital completes offer for series C preferreds

By Jennifer Chiou

New York, March 27 - XL Capital Ltd. announced the completion of its tender offer for any and all of its 20 million series C preferred shares, adding that it received tenders for 12.7 million of the securities.

The offer ended at 11:59 p.m. ET on March 26.

XL said it will pay $8.25 per preferred plus accrued dividends, amounting to about $104.7 million before payment of the dividends. The preferreds have a liquidation preference of $25.00 per share.

As a result of the offer, a book value gain of $211.8 million will be reflected in the company's first-quarter 2009 results.

Goldman, Sachs & Co. is the dealer manager. Global Bondholder Services Corp. is the information agent (866 857-2200).

Through its subsidiaries, XL Capital provides global insurance and reinsurance coverage and is based in Hamilton, Bermuda

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