Proceeds to be used for general purposes and debt refinancing
Zurich Insurance Group has successfully placed €500m-worth of senior debt with investors.
The 10-year bonds will mature in 2022, and pay investors interest of 3.375%.
The insurer will use the proceeds from the issuance for general corporate purposes and to refinance maturing debt.
Under the transaction Zurich will issue the notes under its Euro medium-term note programme to a repackaging vehicle called Willow No. 2 (Ireland). This vehicle in turn will issue bonds to investors that are backed by the securities it has received from Zurich.
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