ACE Ltd. announced that it has agreed to sell 11 million shares through a public offering, raising approximately $359.5 million.
“Banc of America Securities LLC acted as the sole underwriter in the offering. The proceeds from the offering initially will be invested in investment-grade marketable securities which will be used to support ACE’s guaranty of a subsidiary’s trust preferred securities. Upon repayment of these preferred securities, the proceeds will be used for general corporate purposes,” said the announcement.
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