XL Capital Ltd. announced a proposed issue of $325 million senior notes today, and Standard & Poor's Ratings Services assigned them its "A-minus" senior debt rating.
The Bermuda-based insurer said proceeds from the notes' sale and available cash would be used to retire $825 million in 2.53 percent senior notes due in 2009 that form part of the 6.5 percent equity security units that settle on May 15, 2007.
The new issue would be due May 15, 2027.
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