Summary
This 8-K filing from Chubb Ltd (CB), filed on May 29, 2003, announces the company's intention to conduct an underwritten public offering of 23,000,000 Depositary Shares. Each Depositary Share represents 1/10th of a Series C Cumulative Redeemable Preferred Share, with a stated dividend rate of 7.80%. This offering is a means for the company to raise capital. Investors considering this offering should note the liquidation preference of $25.00 per Depositary Share, which is derived from the $250.00 liquidation preference per underlying Preferred Share. The offering is registered under a previously effective Form S-3 Registration Statement (File No. 333-88482), indicating that regulatory hurdles for the sale have been cleared. The filing also includes exhibits such as the Terms Agreement and Underwriting Agreement with the representatives of the underwriters (Citigroup Global Markets Inc., Merrill Lynch & Co., and Merrill Lynch, Pierce, Fenner & Smith Incorporated), and resolutions from the Board of Directors establishing the terms of the Series C Preferred Shares.
Key Highlights
- 1Chubb Ltd (CB) intends to issue 23,000,000 Depositary Shares in an underwritten public offering.
- 2The offering is for Series C Cumulative Redeemable Preferred Shares with a stated dividend of 7.80%.
- 3Each Depositary Share represents a 1/10th interest in a Preferred Share.
- 4The liquidation preference for each Depositary Share is $25.00.
- 5The offering is registered under a previously effective Form S-3 Registration Statement (File No. 333-88482).
- 6Key agreements with underwriters, including Citigroup and Merrill Lynch, are filed as exhibits.
- 7Board resolutions confirming the terms of the Series C Preferred Shares are included as exhibits.