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Chubb INA €1.8B note offering prices

Chubb INA Holdings Inc. has agreed to sell €900 million of 1.55% senior notes due 2028 and €900 million of 2.50% senior notes due 2038.

Parent company Chubb Ltd. guarantees the notes.

Chubb plans to use the net proceeds from the offering plus available cash to repay at maturity the $600 million of 5.75% senior notes due May 15, 2018, the $100 million of its 6.6% debentures due Aug. 15, 2018, and the $500 million of its 5.9% senior notes due June 15, 2019. In addition, the proceeds will be used to redeem the $1.0 billion aggregate principal amount of its directly issued subordinated capital securities with scheduled maturity in 2037 at 100% of their principal amount plus accrued and unpaid interest to the redemption date.

The joint book-running managers for the offering are Merrill Lynch International, Barclays Bank PLC and Deutsche Bank AG.