Insurer XL Capital Ltd., which has operations in Hartford, said today it will pay about $104.7 million for the 63.5 percent of its outstanding Series C preference shares tendered in an offering.
XL Capital had offered to pay $8.25 a share, plus accrued but unpaid dividends, for any or all of the 20 million preference shares outstanding in a tender that expired Thursday.
Based on a final count, 12.7 million preference Shares were properly tendered and not withdrawn, the Bermuda-based company said.
As a result of the tender, XL said a book value gain of approximately $211.8 million will be reflected in its first-quarter results.
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Goldman, Sachs & Co. served as dealer manager for the tender offer.
