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XL Group Ltd - Tender Offer Launch Announcement

XL GROUP LTD ANNOUNCES A TENDER OFFER TO PURCHASE ITS USD 500,000,000 5.500% SUBORDINATED NOTES DUE 2045 (CUSIP: 98420EAD7 and ISIN: US98420EAD76) FOR CASH


06 MARCH 2023


Full announcement available via prnewswire


"XL Group Ltd (the "Offeror" or the "Company") has today launched its invitation to holders of its USD 500,000,000 5.500% Subordinated Notes due 2045 (CUSIP: 98420EAD7 and ISIN: US98420EAD76) (the "Notes") to tender such Notes for purchase by the Offeror for cash (such invitation, the "Offer"). The Offer is being made on the terms and subject to the conditions contained in the tender offer memorandum dated 6 March 2023 (the "Tender Offer Memorandum") and is subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum."


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"Purpose of the Offer


The Offer is being made as part of the AXA Group's (AXA SA's and its subsidiaries') active management of its debt structure.


On 12 September 2018 AXA completed the acquisition of the Company. Following completion, on 4 October 2018 the Notes were delisted from the New York Stock Exchange and a notice of termination of the Company's registration under Section 12(b) of the Securities Exchange Act of 1934 was given in respect of the Notes, amongst other securities of the Company, resulting in the Notes being deregistered. In addition, since completion of the acquisition the Company has not issued any further debt securities. In this context, the Offer provides investors with a liquidity opportunity in order to sell any and all of their Notes.


Notes purchased by the Offeror pursuant to the Offer will be cancelled and will not be re­issued or re-sold. Notes which have not been validly tendered and accepted for purchase pursuant to the Offer will remain outstanding after the Tender Offer Settlement Date (as set out below) in accordance with their terms."

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