May 10, 2007
Zurich Financial Services successfully completes private placement of $1.5 billion of subordinated debt with a maturity of up to 60 years.
On May 9, Zurich Financial Services successfully completed the private placement of $1.5 billion of subordinated debt with a maturity of up to 60 years. Willkie served as issuer’s counsel in the transaction, which was offered to a limited number of qualified investors and was split in two tranches with initial durations of 5 and 10 years. The 5-year tranche of $500 million carries a coupon of 5.875%. The coupon of the $1 billion 10-year tranche was set at 6.500%. Zurich has the option to redeem these tranches after five and ten years respectively. Zurich Financial Services is an insurance-based financial services provider with a global network that focuses its activities on its key markets in North America and Europe. The deal was handled by partners Serge Benchetrit and Richard Reinhold; special counsel Catherine Harrington; and associates Suzy Sylvester, Lior Hendler, Thomas O’Grady, Adanech Getachew and Dalia Al-Sayeh.
