Investment Banking - ACE Limited
Transactions | Insurance
Client: ACE Limited
Transaction Type: Senior Notes Offering
- ACE Limited (NYSE:ACE) is a multiline property and casualty insurance company headquartered in Zurich, Switzerland. The affiliated insurance companies of the ACE Group of Companies provide distinct insurance and reinsurance products and services to a diverse group of clients ranging from multinational corporations to consumers.
- On July 1, 2015, the Company announced its intention to merge with Chubb Corporation (NYSE:CB) in a transaction valued at $28 billion. ACE shareholders will own 70% of the combined company and Chubb shareholders will own 30%.
- ACE offered $5.3 billion in senior notes in four separate series. The Company intends to use the net proceeds from this offering plus available cash sourced from certain of its subsidiaries and Chubb and certain of Chubb’s insurance company subsidiaries to fund the cash portion of the merger consideration.
- Boenning served as a co-manager in the offering.