Simpson Thacher Represents Goldman Sachs International in $350 Million Offering of Non-Cumulative Perpetual Preferred Shares by Stoneheath Re on Behalf of XL Capital Ltd
12.14.06
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Simpson Thacher represented Goldman Sachs International as the sole manager for an offering of $350 million of Non-Cumulative Perpetual Preferred Shares of Stoneheath Re, which closed on December 12, 2006.
Stoneheath Re is a newly-formed Cayman Islands corporation which will provide multi-year excess of loss reinsurance coverage to XL Capital’s insurance and reinsurance subsidiaries using the proceeds of the preferred share offering. The transaction represents a new financing product for insurance and reinsurance companies by combining elements of traditional “cat bonds” with contingent capital securities.
The Simpson Thacher team for this transaction included Lee Meyerson, Adam Smith, Edgar Lewandowski and Xavier Kowalski (Corporate) and John Creed and Jonathan Cantor (Tax).