Citigroup, Others Manage ACE Limited Note Offering
ACE Limited announced that its subsidiary, ACE INA Holdings, has agreed to sell $475 million of 2.7% senior notes due March 2023 and $475 million of 4.15% senior notes due March 2043. The notes are guaranteed by ACE Limited.
The joint book-running managers for the offering are Citigroup Global Markets, Wells Fargo Securities, Mitsubishi UFJ Securities (USA) and Deutsche Bank Securities.
The net proceeds from the sale of the notes will be used to repay at maturity $500 million of the company’s 5.88% senior notes maturing in June 2014 and $450 million of its 5.60% senior notes maturing in May 2015. Pending such application, the company may make the net proceeds available to its subsidiaries or invest them in marketable securities.
The ACE Group is a multiline property and casualty insurer.