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XLCA-UK Completes £152.4 Million Road Financing in Scotland

London, 3 June 2003 – XL Capital Group Assurance (U.K.) Limited (XLCA-UK) announced today that it has issued a £152.4 million triple-A rated financial guarantee, its first in the PFI market, for Connect M77/GSO plc. Proceeds will be used principally to design and construct two strategically important routes south of Glasgow, Scotland, the M77 and the Glasgow Southern Orbital.
The financing, a single, fixed-rated tranche, priced at Gilts + 75 bps, with a 31-year maturity. The transaction was over-subscribed and widely distributed by the lead manager, RBC Capital Markets.
Michael Rego, Chief Operating Officer of XLCA-UK, said, “The marketplace accorded the transaction a very strong reception. We are delighted to partner with Connect, the concessionaire, which has a proven track record in this market.”
XLCA-UK is a direct, wholly owned subsidiary of XL Capital Assurance Inc. (XLCA), a New York financial guaranty insurer. XLCA-UK is a U.K. financial guarantee insurance company regulated by the U.K. Financial Services Authority.
XLCA is an indirect, wholly owned subsidiary of XL Capital Ltd (NYSE: XL) which, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis.
THIS PRESS RELEASE IS NOT AN OFFER FOR SALE IN THE UNITED STATES. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933.

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