Zurich announces cash tender offer for preferred securities
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Zurich, July 9, 2009 – Zurich Financial Services Group (Zurich) today announced the commencement of a cash tender offer for certain outstanding preferred securities (subordinated debt) in order to further optimize its capital structure. The tender offer consists of an offer to purchase up to USD 728 million aggregate principal amount of Series III Floating Rate Enhanced Capital Advantaged Preferred Securities (“ECAPS”) and Series IV and V Fixed/Floating Rate Trust Preferred Securities. Depending on the security, the price to be paid will range between 75% and 82% of face value if tendered by the early deadline which is scheduled to be 5 p.m. New York City time on July 17, 2009. The offer is being made pursuant to an “Offer to Purchase” dated today, which sets forth a more comprehensive description of the terms. The offer is subject to maximum caps on each individual series as set forth in the Offer to Purchase. It is scheduled to expire at 5 p.m. New York City time on August 6, 2009, unless extended or earlier terminated.
Zurich has retained Barclays Capital Inc. and J.P. Morgan Securities Inc. to act as dealer managers for the tender offer and has retained Global Bondholder Services Corporation to serve as the depositary and information agent.
Requests for documents may be directed to Global Bondholder Services Corporation by telephone at +1 212 430 3774 (banks and brokers) or +1 866 470 4300. Questions regarding the tender offer may be directed to either Barclays Capital Inc. at +1 800 438 3242 or collect at +1 212 528 7581, or J.P. Morgan Securities Inc. at +1 866 834 4666 or collect at +1 212 834 4802.
