New York-listed insurer XL Capital has raised $600m (£417.2m) to repay its outstanding five-year revolving credit facilities and for general corporate purposes, such as share repurchases and acquisitions.
The company raised the funds by selling its 6.5% senior notes, due in 2012, through a wholly owned subsidiary XL Capital Finance (Europe). XL will guarantee the notes.
The size of the deal was increased to $600m from an originally planned $500m. Dow Jones reported that an XL spokesman had said this "upsizing" of the offering was in response to demand.
The deal's joint book runners were Salomon Smith Barney and JP Morgan. Other underwriters were Banc of America Securities LLC, Barclays Capital and Credit Lyonnais Securities.
XL Capital provides insurance and reinsurance cover and financial products through its operating subsidiaries. It supplies industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis.
As at 30 September 2001, XL had consolidated assets of approximately $25.7bn (£17.9bn) and consolidated shareholders' equity of approximately $4.8bn (£3.3bn).
XL Capital is also the parent company of XL London Market, a Lloyd's managing agency.
XL London Market manages four syndicates with a combined capacity of $780m (£542m).
