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Swiss Re Completes $750 Million Offering
- Client News
- March 12, 2013
Practices
Paul, Weiss client Swiss Reinsurance Company Ltd completed an offering of $750 million of subordinated contingent write-off loan notes with a scheduled maturity in 2024. The loan notes can be permanently written down to zero, and investors lose their principal if the solvency ratio of Swiss Reinsurance Company Ltd falls below a predetermined threshold. The loan notes were issued through a so-called "repackaging vehicle." The offering was Regulation S only.
The Paul, Weiss team advising Swiss Re included corporate partner Mark Bergman and tax partner Jeffrey Samuels.