XL Capital Ltd. announced that it has entered into a Remarketing Agreement “relating to the remarketing of the 5.25 percent Senior Notes due 2011 (the ‘Senior Notes’) comprising part of its 7.00 percent Equity Security Units.” XL has retained Goldman, Sachs & Co. to act as the agent (the ‘Remarketing Agent’) for the transaction.
XLK said the “remarketing will commence on February 3, 2009 and will settle on February 17, 2009, when the forward purchase contracts comprising part of the Equity Security Units are to be settled. Subject to certain conditions, the proceeds from the remarketing will be used to satisfy the purchase price for the Company’s Ordinary Shares to be sold to holders of the Equity Security Units pursuant to the forward purchase contracts.
“The number of Ordinary Shares to be issued on February 17, 2009 will be determined based on their average trading price for a period preceding that date and is subject to a maximum of approximately 11.5 million shares under the purchase contracts.
“The Company may, at its discretion, submit an order to purchase some or all of the Senior Notes available to be remarketed. In the event that the Company determines to participate in the remarketing, the Company will retire all the Senior Notes it purchases in the remarketing.
Source: XL Capital – www.xlcapital.com
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