Swiss Re offers further details of senior exchangeable notes placement

Earlier this month Swiss Re unveiled a US$500 million senior exchangeable notes offering… now the insurance giant has revealed further details about the successful placement.

In an announcement today, Swiss Re said the six-year senior exchangeable notes with issuer stock settlement feature the following: 

• US$88.6610 – reference share price
• US$115.2593 – resulting initial exchange price, including the exchange premium of 30%
• US$44.3305 – initial share price floor
• 1,735.2179 Swiss Re shares per calculation amount – initial exchange ratio
• CHF4,338.04475 – dividend threshold for each dividend relevant period

ELM B.V. was named as the repackaging vehicle, and Swiss Re said the settlement and delivery of the ELM notes took place on June 13.

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