AXA Says Funding to Buy XL Group Is All Set

AXA said on Monday it had secured financing for the 12.4 billion euros ($14.9 billion) acquisition of XL Group and was not dependent on the issuance of any additional debt following the flotation of part of its U.S. unit, AXA Equitable.

The French insurer said overall proceeds from the initial public offering of part of AXA Equitable Holdings and the issue of convertible bonds reached $4 billion, after the greenshoe option was exercised in full.

“Given additional existing resources, AXA considers the financing of XL is now secured, as it is not dependent on the issuance of any additional debt,” AXA said in a statement.

($1 = 0.8352 euros) (Reporting by Maya Nikolaeva; Editing by Mark Potter)