XL Capital to Make Cash Payment on Debentures

XL Capital Ltd announced Tuesday that it intends to make a one-time cash payment to holders of its Zero-Coupon Convertible Debentures due 2021 who do not exercise their rights to put the Debentures to XL. Pursuant to the terms of the indenture governing the Debentures, XL is obligated to purchase for cash Debentures tendered and not withdrawn before the close of business on May 21, 2004, at their accreted value of $641.88 per $1,000 principal amount at maturity on May 24, 2004. XL intends to pay a one-time cash payment of $14.84 for every $1,000 aggregate principal amount at ...