This announcement is not an offering memorandum or prospectus and is for informational purposes only. This announcement does not constitute or form part of any offer of, or solicitation to purchase or subscribe for, the securities referred to in this announcement in the United States, Australia, Canada, South Africa or Japan or in any other jurisdiction in which offers or sales of such securities would be restricted by applicable law or regulation. Such securities have not been, and will not be, registered under U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration, except pursuant to an exemption from, or in transactions not subject to, the registration requirements of said Act, and applicable state or local securities laws. Such securities are not being offered in the United States or to US persons.
Swiss Re (Swiss Re Ltd) announces the launch of an offering of USD 500 million, 6-year senior exchangeable notes, which may be stock settled at the option of Swiss Re or may be exchanged at the option of noteholders for fully paid, registered shares of Swiss Re, unless Swiss Re elects to settle the exchange of notes in cash. To economically offset such settlement of a noteholder initiated exchange (in cash or in Swiss Re shares), Swiss Re will purchase matching call options on Swiss Re shares with a portion of the proceeds of the offering. Consequently, no new Swiss Re shares will be issued upon a noteholder initiated exchange.