Pricing Agreement for Class A Ordinary Shares between XL Capital Ltd and Underwriters (Goldman Sachs, Morgan Stanley, et al.)

Contract Categories: Business Finance › Underwriting Agreements
Summary

XL Capital Ltd has entered into an agreement with several underwriters, including Goldman Sachs, Morgan Stanley, and others, to sell 8,000,000 Class A Ordinary Shares, with an option for the underwriters to purchase up to 1,200,000 additional shares to cover over-allotments. The agreement sets the purchase price, commission, and terms for the sale and delivery of the shares. The underwriters have 30 days to exercise their option to buy additional shares. This agreement is governed by the terms of a previously executed Underwriting Agreement.

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EX-1.1B 4 xlex12.txt PRICING AGREEMENT - XL CAPITAL LTD. Exhibit 1.1b EXECUTION COPY Pricing Agreement Goldman, Sachs & Co., Morgan Stanley & Co. Incorporated, Banc of America Securities LLC, Credit Suisse First Boston Corporation, J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated c/o Goldman, Sachs & Co. 85 Broad Street, New York, New York 10004. As Representatives of the several Underwriters named in Schedule I hereto, November 1, 2001 Ladies and Gentlemen: XL Capital Ltd, a Cayman Islands exempted limited company (the "Company"), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated November 1, 2001 (the "Underwriting Agreement"), between the Company on the one hand and Goldman, Sachs & Co., Morgan Stanley & Co. Incorporated, Banc of America Securities LLC, Credit Suisse First Boston Corporation, J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, on the other hand, to issue and sell to the Underwriters named in Schedule I hereto (the "Underwriters") the Shares specified in Schedule II hereto (the "Designated Shares") consisting of Firm Shares and any Optional Shares the Underwriters may elect to purchase. Each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation and warranty which refers to the Prospectus in Section 2 of the Underwriting Agreement shall be deemed to be a representation or warranty as of the date of the Underwriting Agreement in relation to the Prospectus (as therein defined), and also a representation and warranty as of the date of this Pricing Agreement in relation to the Prospectus as amended or supplemented relating to the Designated Shares which are the subject of this Pricing Agreement. Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined. The Representatives designated to act on behalf of the Representatives and on behalf of each of the Underwriters of the Designated Shares pursuant to Section 12 of the Underwriting Agreement and the address of the Representatives referred to in such Section 12 are set forth in Schedule II hereto. An amendment to the Registration Statement, or a supplement to the Prospectus, as the case may be, relating to the Designated Shares, in the form heretofore delivered to you is now proposed to be filed with the Commission. Subject to the terms and conditions set forth herein and in the Underwriting Agreement incorporated herein by reference, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at the time and place and at the purchase price to the Underwriters set forth in Schedule II hereto, the number of Firm Shares set forth opposite the name of such Underwriter in Schedule I hereto and, (b) in the event and to the extent that the Underwriters shall exercise the election to purchase Optional Shares, as provided below, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company at the purchase price to the Underwriters set forth in Schedule II hereto that portion of the number of Optional Shares as to which such election shall have been exercised. The Company hereby grants to each of the Underwriters the right to purchase at their election up to the number of Optional Shares set forth opposite the name of such Underwriter in Schedule I hereto on the terms referred to in the paragraph above for the sole purpose of covering over-allotments in the sale of the Firm Shares. Any such election to purchase Optional Shares may be exercised by written notice from the Representatives to the Company given within a period of 30 calendar days after the date of this Pricing Agreement, setting forth the aggregate number of Optional Shares to be purchased and the date on which such Optional Shares are to be delivered, as determined by the Representatives, but in no event earlier than the First Time of Delivery or, unless the Representatives and the Company otherwise agree in writing, no earlier than two or later than ten business days after the date of such notice. 2 If the foregoing is in accordance with your understanding, please sign and return to us one for the Company and one for each of the Representatives plus one for each counsel counterparts hereof, and upon acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and the Company. It is understood that your acceptance of this letter on behalf of each of the Underwriters is or will be pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company for examination, upon request, but without warranty on the part of the Representatives as to the authority of the signers thereof. Very truly yours, XL Capital Ltd By: /s/ Paul S. Giordano ------------------------------------ Name: Paul S. Giordano Title: Executive Vice President, General Counsel & Secretary Accepted as of the date hereof: Goldman, Sachs & Co. Morgan Stanley & Co. Incorporated, Banc of America Securities LLC, Credit Suisse First Boston Corporation, J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated By: /s/ Goldman, Sachs & Co. --------------------------------------- (Goldman, Sachs & Co.) 3
SCHEDULE I Underwriter Number of Firm Maximum Number of Shares to be Optional Purchased Shares Which May be Purchased Goldman, Sachs & Co............................................. 3,797,000 569,550 Morgan Stanley.................................................. 1,898,500 284,775 Banc of America Securities LLC.................................. 474,625 71,194 Credit Suisse First Boston Corporation.......................... 474,625 71,194 J.P. Morgan Securities Inc. 474,625 71,194 Merrill Lynch, Pierce, Fenner & Smith Incorporated.................................................. 474,625 71,194 ABN AMRO Rothschild LLC......................................... 58,000 8,700 Credit Lyonnais Securities (USA) Inc............................ 58,000 8,700 Dowling & Partners Securities, LLC.............................. 58,000 8,700 Dresdner Kleinwort Wasserstein Securities LLC................... 58,000 8,700 Fox-Pitt, Kelton Inc............................................ 58,000 8,700 Keefe, Bruyette & Woods, Inc.................................... 58,000 8,700 Robertson Stephens Inc.......................................... 58,000 8,700 Total................................................... 8,000,000 1,200,000 =============== ==============
SCHEDULE II Title of Designated Shares: Class A Ordinary Shares, par value $0.01 per share Number of Designated Shares: Number of Firm Shares: 8,000,000 Maximum Number of Optional Shares: 1,200,000 Initial Offering Price to Public: U.S. $89.00 per Share Purchase Price by Underwriters: U.S. $85.66 per Share Commission Payable to Underwriters: U.S. $3.34 per Share Form of Designated Shares: Definitive form, to be made available for checking at least twenty-four hours prior to the Time of Delivery at the direction of the Representatives Specified Funds for Payment of Purchase Price: Federal (same-day) funds Describe any lock-up provisions with respect to the Designated Shares Chairman & Director - 30 day lock-up President and Chief Executive Officer and Director - 30 day lock-up XL Capital Ltd - 60 day lock-up Time of Delivery: 10:00 a.m. (New York City time), November 7, 2001 Time of Delivery Location: Simpson Thacher & Bartlett 425 Lexington Avenue New York, NY 10017 Names and Addresses of Representatives: Designated Representatives and Address for Notices, etc.: Goldman, Sachs & Co. 85 S. Broad Street New York, N.Y. 10004 Morgan Stanley & Co. Incorporated 1585 Broadway New York, N.Y. 10004 Banc of America Securities LLC 600 Montgomery Street San Francisco, CA 94111 Credit Suisse First Boston Corporation 277 Park Avenue New York, N.Y. 10172 J.P. Morgan Securities Inc. 60 Wall Street New York, NY 10760 Merrill Lynch & Co. 222 Broadway - 4th Floor New York, N.Y. 10038 Other Terms: Will close through The Depository Trust Company