Zurich to Redeem $1 Billion in Debt

Zurich Financial Services Group announced that it has exercised its option to early redeem $1 billion of subordinated debt.

The securities to be redeemed are described as follows “$600 million of Series I Fixed/Adjustable Rate Enhanced Capital Advantaged Preferred Securities (“ECAPS”) and $400 million of Series III Floating Rate ECAPS issued in December 2005 by ZFS Finance (USA) Trust I and ZFS Finance (USA) Trust III respectively will be redeemed at par together with accrued interest on 15th December 2010.

Source: Zurich Financial Services