Bermuda’s ACE Limited announced an offering to sell $300 million in preferred shares, to be issued in the form of depositary shares.
ACE said it expects to use the net proceeds from the offering to make additional capital contributions to certain of its subsidiaries and for general corporate purposes. “This offering will be the first step in ACE’s previously stated capital raising efforts, which will raise a total of $500 million. This capital raising process will not include common equity or equity-linked securities,” said the bulletin.
Citigroup Global Markets Inc. and Merrill Lynch & Co. are acting as joint-book running managers for the offering. The offering will be made pursuant to a prospectus supplement to ACE’s currently effective shelf registration statement.
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