XL Capital Ltd Announces Completion Of Its 6.50% Equity Security Units Transaction
May 15 2007 - 5:15PM
PR Newswire (US)
HAMILTON, Bermuda, May 15 /PRNewswire-FirstCall/ -- XL Capital Ltd
(NYSE: XL) ("XL" or the "Company") announced today the settlement
of the purchase contract component of its Equity Security Units
(the "ESUs") issued on March 23, 2004 and the settlement of the
remarketing of its 2.53% Senior Notes due 2009 (the "2009 Senior
Notes") in connection therewith. Each purchase contract provided
for the sale by the Company of 0.32727 Class A Ordinary shares (the
"Shares") at a price of $25.00 on May 15, 2007. The settlement of
the purchase contracts resulted in the Company's sale of an
aggregate of approximately 10,799,913 Shares. The Company received
approximately $825 million in proceeds from the sale, a portion of
which was used to retire the 2009 Senior Notes as further described
below. The 2009 Senior Notes were originally issued on March 23,
2004 as part of the ESUs and were purchased by the Company in a
scheduled remarketing. The proceeds from the remarketing of the
2009 Senior Notes were used to settle the forward purchase
contracts as described above. As a result of the settlement of the
purchase contract component of the ESUs, the ESUs (formerly NYSE:
"XL Pr Q") ceased to exist and are no longer traded on the New York
Stock Exchange. This press release does not constitute an offer to
sell or the solicitation of an offer to buy any of the ESUs or any
other securities, nor will there be any sale of the ESUs 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. XL Capital Ltd, through its operating subsidiaries,
is a leading provider of insurance and reinsurance coverages and
financial products and services to industrial, commercial and
professional service firms, insurance companies and other
enterprises on a worldwide basis. As of March 31, 2007, XL Capital
Ltd had consolidated assets of approximately $62.1 billion and
consolidated shareholders' equity of approximately $11.3 billion.
More information about XL Capital Ltd is available at
http://www.xlcapital.com/. This Press Release contains
forward-looking statements. Such statements involve inherent risks
and uncertainties. Statements that are not historical facts,
including statements about the Company's beliefs or expectations,
are forward-looking statements. These statements are based on
current plans, estimates and expectations. Actual results may
differ materially from those projected in such forward-looking
statements and therefore you should not place undue reliance on
them. A non-exclusive list of the important factors that could
cause actual events or results to differ materially from those in
such forward-looking statements is set forth in the Company's most
recent annual report on Form 10-K, quarterly report on Form 10-Q
and the Company's other documents on file with the Securities and
Exchange Commission. The Company undertakes no obligation to update
or revise publicly any forward- looking statement, whether as a
result of new information, future developments or otherwise.
DATASOURCE: XL Capital Ltd CONTACT: David Radulski, Investor
Relations, +1-441-294-7460, or Carol A. Parker Trott, Media
Relations, +1-441-294-7290, both of XL Capital Ltd Web site:
http://www.xlcapital.com/
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