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QBE Insurance starts exchange offer for £325M of fixed-rate notes

QBE InsuranceGroup Ltd. commenced a tender offer for its existing £325 millionof fixed-rate notes due 2041.

The insurer is seeking to exchange the existing notes with newpound sterling-denominated notes to be issued under its US$4 billionmedium-term note program. The new notes will be due 2042 and will bear a fixedinterest rate per year.

The company has not yet set the principal amount for its newoffering, noting that it will depend on the level of investor participation inthe offer. Pricing and further details on the new notes will be released May18.

The offer will close at 5 p.m. London time on May 17, unlessthe company decides to reopen or terminate the offer.