Axis Specialty Finance’s $425 Million Subordinated Notes Offering

Simpson Thacher advised AXIS Specialty Finance LLC on the deal.

AXIS Specialty Finance LLC completed it registered offering of $425 million of its 4.9% Fixed-Rate Reset Junior Subordinated Notes due 2040.

AXIS Finance intends to use the net proceeds from the offering to repay existing indebtedness and to redeem AXIS Capital’s outstanding 5.5% Series D Preferred Shares.

AXIS Specialty Finance LLC is an indirect, wholly-owned subsidiary of AXIS Capital Holdings Limited. AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at September 30, 2019 of $5.6 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and the Middle East.

The Simpson Thacher team included Lesley Peng (Picture), Evan Zuckerman and Kyle Schwab (Capital Markets); Steven DeLott (Insurance); Andrew Purcell, Jonathan Cantor and Abigail Hopper (Tax); and Joo Hyun Lee (Executive Compensation & Employee Benefits).

Involved fees earner: Jonathan Cantor – Simpson Thacher & Bartlett; Steven DeLott – Simpson Thacher & Bartlett; Abigail Hopper – Simpson Thacher & Bartlett; Joo Hyun Lee – Simpson Thacher & Bartlett; Lesley Peng – Simpson Thacher & Bartlett; Andrew Purcell – Simpson Thacher & Bartlett; Kyle Schwab – Simpson Thacher & Bartlett; Evan Zuckerman – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: AXIS Specialty Finance;

Author: Ambrogio Visconti