Bär & Karrer advised Chubb in the placement of USD 1.6 b Senior Notes
Chubb INA Holdings, a subsidiary of Chubb Limited, has priced the offering of USD 600 million Senior Notes due 2051 with an interest rate of 2.850% and USD 1 billion Senior Notes due 2061 with an interest rate of 3.050%. The Senior Notes are unconditionally guaranteed by Chubb Limited, Zurich, Switzerland, and are registered on NYSE.
Chubb intends to use the net proceeds from this offering to fund up to $1.1 billion of the purchase price associated with its previously announced agreement to acquire Cigna’s personal accident, supplemental health and life insurance business in seven Asia-Pacific markets. Chubb intends to use the remainder of the net proceeds for general corporate purposes, including the repayment at maturity of its 2.70% senior notes due March 13, 2023.
The underwriters were represented by BofA Securities, Morgan Stanley & Co. and Wells Fargo Securities.
Bär & Karrer acted as Swiss legal advisor to Chubb in the placement of the USD 1.6 Billion Senior Notes. The team included Lukas Roesler, Urs Kägi and Clarissa Marxer (all capital markets and corporate) as well as Daniel Lehmann and David Weimann (both tax).
