AXA XL uses two forms of cookies on this site:

  1. to enable the site to operate and retain any preferences you set
  2. for analytics to make the site more relevant and easy to use

These cookies do not collect personal information. For more information about our cookie usage, please click here. To comply with EU privacy laws you must consent to our use of cookies.

By using this site, you agree that we can place these types of cookies on your device. If you choose to change your cookie settings you will be presented with this message the next time you visit.

Press Center

XL Capital Ltd Announces Its Election To Pay For Any Of Its Liquid Yield Option Notes Tendered For Purchase On September 7, 2004 With Cash

 — Hamilton, Bermuda (August 9, 2004) - XL Capital Ltd (NYSE: XL) ("XL") announced today that to the extent that holders of XL's Liquid Yield Option™ Notes due 2021 ("LYONs") tender any LYONs for purchase by XL on September 7, 2004 (the "Purchase Date"), XL has elected to pay all of the purchase price for such LYONs in cash. XL has provided a company notice containing details of the LYONs repurchase to U.S. Bank National Association (the trustee under the indenture governing the LYONs) to be forwarded to holders of the LYONs who wish to tender their LYONs for purchase by XL.
In accordance with the terms of the indenture governing the LYONs, holders of LYONs may require XL to purchase all or a portion of their LYONs as of the Purchase Date at a purchase price of $622.5046 per $1,000 aggregate principal amount at maturity of the LYONs properly tendered for purchase. In the event all of the outstanding LYONs are tendered for repurchase, the aggregate purchase price would be $316,756,486.
XL Capital Group Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of June 30, 2004, XL Capital Ltd had consolidated assets of approximately $45.5 billion and consolidated shareholders' equity of approximately $7.1 billion. More information about XL Capital Ltd is available at