Bermuda’s XL Capital Ltd announced that it currently plans to sell up to $500 million of senior notes due 2012 through XL Capital Finance (Europe) plc, a wholly-owned subsidiary of XL.
The notes will be sold pursuant to XL’s currently effective shelf registration statement. The underwriters are Salomon Smith Barney and JP Morgan, as joint book runners, Banc of America Securities LLC, Barclays Capital and Credit Lyonnais Securities.
“The net proceeds from the sale of senior notes will be used to repay XL’s outstanding five-year revolving credit facilities and for general corporate purposes, which may include share repurchases and acquisitions,” said the announcement.
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