Insurance company, QBE Limited (ASX:QBE) has announced that it’s launched an invitation to holders of its fixed rate Senior Notes to tender the notes for a cash-back acquisition.
The business is offering cash for the outstanding US $300 million fixed rate notes and, the purpose is to acquire all outstanding notes.
In addition to the purchase price being 100 per cent of the principal amount of the notes. QBE will also pay accrued interest in respect of the notes.
The offer will commence on the 12th of March and expire on the 19th of March 2018.
The news comes after the company reported a net loss of $US1.25 billion for the 2017 financial year following a number of catastrophes in the second half of 2017.
Shares in QBE (ASX:QBE) Are trading 0.40 per cent higher to $9.99.