QBE Insurance Limited
(ASX:QBE) has announced the expiration and final results of its Exchange offer for its Existing Notes to new U.S. dollar denominated fixed rate subordinated notes.
According to QBE’s Information and Exchange Agent D.F. King & Co, approximately 69.06 percent of the aggregated principal amount of the Existing Notes had been tendered as of the 16 November.
On the settlement date, QBE expects to issue approximately US$372 million in aggregate principal amount of new notes in exchange for an equivalent amount of Existing Notes.
After completion of the Exchange Offer, QBE may look to directly or indirectly acquire remaining outstanding Existing Notes through a mixture of on and off market transactions
QBE Insurance Limited reported a net profit of $360 million at 30 June 2016.
