Swiss Re announced that 50 percent of its existing shareholders have subscribed for the new shares issued pursuant to its “at-market rights offering” (See IJ Website April 27).
“As a result of the substantial take-up by Swiss Re’s existing shareholders, new shares of up to $350 million equivalent will be sold to investors in the global offering to achieve the overall target size for the two offerings of $1.0 billion,” said the bulletin.
“The bookbuilding period for the global offering runs until 9 May 2006, 18.00 CEDT,” it continued. “During the subscription period for existing shareholders for the 1:17 rights offering which expired at noon, 8 May 2006, 9.6 million shares were subscribed for, corresponding to a rights take-up of 50 percent of the maximum 18.9 million new shares available in the rights and global offerings.”
The shares are being offered to the public in Switzerland, Germany, Ireland, Belgium, Luxembourg, the Netherlands, Spain and the United Kingdom. Elsewhere, including the U.S., they will be sold only through private placements to institutional investors in certain other jurisdictions in compliance with applicable securities laws, including the U.S (under Rule 144A).
Was this article valuable?
Here are more articles you may enjoy.
Hacking Attempts Surge as Companies, Governments Rush to Patch PHP Flaws 
PHP Security Flaws Highlight Potential Systemic Risk Aggregation for Cyber Insurers 
Miami Beach Buildings Sinking at Different Rates, Due to Construction, Study Finds 
Florida AG Sues Climate Modeler First Street Over Home Risk Scores 
