AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS) today
announced that its indirect, wholly-owned subsidiary, AXIS Specialty
Finance PLC, has priced an offering of $250.0 million aggregate
principal amount of its 2.650% Senior Notes due 2019 and $250.0 million
aggregate principal amount of its 5.150% Senior Notes due 2045
(collectively, the “notes”), fully and unconditionally guaranteed by
AXIS Capital, pursuant to an effective shelf registration statement. Net
proceeds from this offering will be used to repay AXIS Capital’s 5.75%
senior notes due 2014.
AXIS Capital has applied for the notes to be admitted to the Official
List of the Irish Stock Exchange and traded on the Global Exchange
Market. If the application is approved, trading in the notes is expected
to commence within 30 days after the initial delivery of the notes.
Barclays Capital Inc., Citigroup Global Markets Inc. and HSBC Securities
(USA) Inc., will act as joint book-running managers for the offering. A
registration statement relating to the offering has been filed with the
SEC. You may obtain a copy of the preliminary prospectus supplement, the
accompanying prospectus and the final prospectus supplement, when
available, from the SEC website at www.sec.gov.
Alternatively, the underwriters will arrange to send you these documents
if you request them by contacting Barclays Capital Inc. c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Email: barclaysprospectus@broadridge.com
(tel: (888) 603-5847), Citigroup Global Markets Inc. c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Email: batprospectusdept@citigroup.com,
(tel: (800) 831-9146) or HSBC Securities (USA) Inc. at 452 Fifth Avenue,
New York, NY 10018, (tel: (866) 811-8049 (toll-free)).
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of the notes
in any state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such state.
AXIS Capital is a Bermuda-based global provider of specialty lines
insurance and treaty reinsurance with shareholders’ equity attributable
to AXIS Capital at December 31, 2013 of $5.8 billion and locations in
Bermuda, the United States, Europe, Singapore, Canada, Australia and
Latin America. Its operating subsidiaries have been assigned a rating of
“A+” (“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best.
The foregoing ratings are not ratings of the notes or any of AXIS
Capital’s securities.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of
the U.S. federal securities laws. Forward-looking statements contained
in this release include our expectations regarding market conditions and
information regarding our estimates of losses related to natural
disasters. These statements involve risks, uncertainties and
assumptions. Actual events or results may differ materially from our
expectations. Important factors that could cause actual events or
results to be materially different from our expectations include the
occurrence of natural and man-made disasters; actual claims exceeding
our loss reserves; general economic, capital and credit market
conditions, the failure of any of the loss limitation methods we employ;
the effects of emerging claims, coverage and regulatory issues,
including uncertainty related to coverage definitions, limits, terms and
conditions; the failure of our cedants to adequately evaluate risks;
inability to obtain additional capital on favorable terms, or at all;
the loss of one or more key executives; a decline in our ratings with
rating agencies; loss of business provided to us by our major brokers;
changes in accounting policies or practices; the use of industry
catastrophe models and changes to these models; changes in governmental
regulations; increased competition; changes in the political environment
of certain countries in which we operate or underwrite business;
fluctuations in interest rates, credit spreads, equity prices and/or
currency values; and the other factors set forth in our most recent
report on Form 10-K, Form 10-Q and other documents on file with the
Securities and Exchange Commission. We undertake no obligation to update
or revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
Copyright Business Wire 2014