ACE Unit Plans To Sell $500M Of Senior Notes

NU Online News Service, June 3, 9:45 a.m. EDT?Bermuda-based insurer ACE Ltd. said yesterday that its subsidiary ACE INA Holdings intends to sell up to $500 million of 10-year senior notes, subject to market conditions.[@@]

The new notes will be backed by ACE Ltd., and the proceeds from the sale are expected to fund the repayment of $400 million of previous ACE INA Holdings notes which will mature this August and also redeem $75 million of subsidiary trust preferred securities. ACE will also use some of the proceeds for general corporate purposes.

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