The Company expects to receive net proceeds from this offering of approximately euros490.8 million, after deducting underwriting fees and estimated offering expenses. The Company intends to use the net proceeds from the issue of the subordinated notes to pay a portion of the tender consideration in connection with the previously announced tender offers by XL-Cayman for existing hybrid capital instruments, and to pay transaction fees and expenses.
The joint bookrunning managers for the offering are Barclays Bank PLC,
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the subordinated notes or any other securities, and shall not constitute an offer, solicitation or sale of the subordinated notes or any other securities in any state or jurisdiction in which such offer, solicitation or sale is not permitted.
The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-199842), and by means of a prospectus and related prospectus supplement (when available), which may be obtained by visiting the
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to the expected closing of the offering. Statements that are not historical facts, including statements about the Company's or XL-Cayman's beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations, all of which involve risk and uncertainty. Statements that include the words "expect," "estimate," "intend," "plan," "believe," "project," "anticipate," "may," "could," "would," "look" or similar statements of a future or forward-looking nature identify forward-looking statements. Factors that could cause actual results to differ from those predicted are set forth under "Risk Factors" or "Cautionary Note Regarding Forward-Looking Statements" in the Company's Annual Report on Form 10-K for the year ended
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Abbe F. Goldstein, CFA, Investor Relations, (203) 964-3573; or Carol Parker Trott, Media Relations, (441) 294-7290