Swiss Re declares further details of senior exchangeable notes placement
Reference share price and dividend threshold among details brought forward
Swiss Re declares further details of senior exchangeable notes placement
INSURANCE NEWS
By Terry Gangcuangco
21 Jun 2018

Earlier this month Swiss Re unveiled a US$500 million senior exchangeable notes offering… now the insurance giant has revealed further details about the successful placement.

In an announcement today, Swiss Re said the six-year senior exchangeable notes with issuer stock settlement feature the following: 

  • US$88.6610 – reference share price
  • US$115.2593 – resulting initial exchange price, including the exchange premium of 30%
  • US$44.3305 – initial share price floor
  • 1,735.2179 Swiss Re shares per calculation amount – initial exchange ratio
  • CHF4,338.04475 – dividend threshold for each dividend relevant period

ELM B.V. was named as the repackaging vehicle, and Swiss Re said the settlement and delivery of the ELM notes took place on June 13.

 

Related stories:
Swiss Re delves into the impact of 'construtech' to risk landscape
Swiss Re unveils US$500 million senior exchangeable notes offering

 

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