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Arch Capital unit closes senior notes offering

Arch Capital Group Ltd. unit Arch Capital Finance LLC has completed its public offering of $500 million of its 4.011% senior notes due Dec. 15, 2026, and $450 million of its 5.031% senior notes due Dec. 15, 2046.

Arch Capital Finance will pay interest on the senior notes semiannually in arrears June 15 and Dec. 15, starting June 15, 2017, to holders of record as of the previous June 1 or Dec. 1.

The senior notes are subject to a special mandatory redemption if the deal between Arch Capital Group and American International Group Inc. is terminated before Aug. 31, 2017, or if the deal is not closed before that date. If this occurs, Arch Capital Finance must redeem the senior notes at 101% of the amount, along with accrued and unpaid interest.