Zurich Financial Services Group announced that it has exercised its option to early redeem $1 billion of subordinated debt.
The securities to be redeemed are described as follows “$600 million of Series I Fixed/Adjustable Rate Enhanced Capital Advantaged Preferred Securities (“ECAPS”) and $400 million of Series III Floating Rate ECAPS issued in December 2005 by ZFS Finance (USA) Trust I and ZFS Finance (USA) Trust III respectively will be redeemed at par together with accrued interest on 15th December 2010.
Source: Zurich Financial Services
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