AXIS Completes $425 Million Debut Fixed-Rate Reset Junior Subordinated Notes Offering
12.18.19
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The Firm represented AXIS Specialty Finance LLC (“AXIS Finance”), an indirect, wholly-owned subsidiary of AXIS Capital Holdings Limited (“AXIS Capital”), in connection with its registered offering of $425 million of its 4.9% Fixed-Rate Reset Junior Subordinated Notes due 2040. AXIS Finance intends to use the net proceeds from the offering to repay existing indebtedness and to redeem AXIS Capital’s outstanding 5.5% Series D Preferred Shares.
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at September 30, 2019 of $5.6 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and the Middle East.
The Simpson Thacher team included Lesley Peng, Evan Zuckerman and Kyle Schwab (Capital Markets); Steven DeLott (Insurance); Andrew Purcell, Jonathan Cantor and Abigail Hopper (Tax); and Joo Hyun Lee (Executive Compensation & Employee Benefits).