AXIS Capital Prices $500 Million Senior Notes Offering.PEMBROKE, Bermuda -- AXIS Capital Holdings Limited ("AXIS Capital") (NYSE NYSE See: New York Stock Exchange : AXS AXS Access AXS Anomalous X-Ray Scattering AXS Alpha Chi Sigma AXS Alpha X-Ray Spectrometer AXS Activex Script ) today announced that it has priced an offering to sell $500 million of senior notes due 2014. The senior notes will bear interest at 5.75% per year and, unless previously redeemed, will mature on December 1, 2014. AXIS Capital expects to use the proceeds from the offering for general corporate purposes. The joint book-running managers are Citigroup and JPMorgan. A shelf registration statement relating to this offering was originally filed with the U.S. Securities and Exchange Commission on August 6, 2004 and has since been declared effective. This offering was made pursuant to a prospectus supplement to the shelf registration statement on file with the SEC. Copies of the prospectus supplement relating to the offering may be obtained from Citigroup, Brooklyn Army Terminal The Brooklyn Army Terminal consists of large complex of piers, docks, warehouses, cranes, railroad sidings and cargo loading equipment. The terminal was responsible for shipment of army equipment and personnel overseas. , 140 58th Street, 8th Floor, Brooklyn, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 11220 or from JPMorgan, High Grade Syndicate, 270 Park Avenue, 8th Floor, New York, New York 10017. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the senior notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. with shareholders' equity in excess of $3.0 billion and locations in Bermuda, the United States, Europe and Asia. Its operating subsidiaries have been assigned a rating of "A" ("Excellent") by A.M. Best and a rating of "A" ("Strong") by Standard & Poor's. AXIS Capital has been assigned a senior unsecured debt rating of Baa1 (stable) by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. and BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. + (stable) by Standard & Poor's. For more information about AXIS Capital, visit the Company's website at www.axiscapital.com. |
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