Chubb Limited Announces Pricing of €1.8 Billion Senior Notes Offering by Subsidiary

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Mar 01, 2018, 05:12 ET

ZURICH, March 1, 2018 /PRNewswire/ -- Chubb Limited (NYSE: CB) announced today that its subsidiary Chubb INA Holdings Inc. has agreed to sell €900 million of 1.55% Senior Notes due 2028 and €900 million of 2.50% Senior Notes due 2038. The notes are guaranteed by Chubb Limited (Chubb).

Chubb intends to use the net proceeds from this offering plus available cash to repay at maturity the $600 million of its 5.75% Senior Notes due May 15, 2018, the $100 million of its 6.6% Debentures due August 15, 2018, and the $500 million of its 5.9% Senior Notes due June 15, 2019. In addition, the proceeds will be used to redeem the $1.0 billion aggregate principal amount of its Directly Issued Subordinated Capital Securities with scheduled maturity in 2037 at 100% of their principal amount plus accrued and unpaid interest to the redemption date. A notice of redemption of the subordinated securities is expected to be sent to holders of such securities shortly.

The joint book-running managers for the offering are Merrill Lynch International, Barclays Bank PLC and Deutsche Bank AG.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the senior notes or any other securities, nor will there be any sale of the senior notes or any other securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained by calling Merrill Lynch International at (800) 294-1322, Barclays Bank PLC at (888) 603-5847, or Deutsche Bank AG at (800) 503-4611.

Alternatively, the prospectus supplement and accompanying prospectus may be obtained by visiting EDGAR on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.

About Chubb

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York and London.

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Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as statements regarding repayments and redemptions, reflect the company's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially as set forth in these statements. Additional information regarding factors that could cause differences from these forward-looking statements appears in the company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.

SOURCE Chubb Limited