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Clifford Chance says it advised Swiss Re on a $1 billion P-Caps facility
Clifford Chance said it advised Swiss Re on a facility backed by $1 billion of pre-capitalized trust securities issued by Three Pillars Funding Trust No.1. The firm said the proceeds were invested in Treasury strips to support the trust’s obligations under the facility.
Key points
- The firm said Swiss Re can exchange subordinated notes for those Treasuries and must do so in specified trigger events.Clifford Chance
- Clifford Chance said the subordinated debt is intended to qualify as Tier 2 capital.Clifford Chance
- The firm said the documentation spans English, Delaware and New York law.Clifford Chance
- Clifford Chance said Michael Dakin and Simon Sinclair led its team.Clifford Chance