ACE Offers 11 Million Shares To Public

September 7, 2000

ACE Ltd. announced that it has agreed to sell 11 million shares through a public offering, raising approximately $359.5 million.

“Banc of America Securities LLC acted as the sole underwriter in the offering. The proceeds from the offering initially will be invested in investment-grade marketable securities which will be used to support ACE’s guaranty of a subsidiary’s trust preferred securities. Upon repayment of these preferred securities, the proceeds will be used for general corporate purposes,” said the announcement.

Was this article valuable?

Here are more articles you may enjoy.