AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 20, 1999
=======================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
-------------------
Date of Report (Date of earliest event reported): July 16, 1999
CHANDLER INSURANCE COMPANY, LTD.
(Exact name of registrant as specified in its charter)
Cayman Islands
(State or jurisdiction of incorporation)
0-15286 N/A
(Commission File Number) (IRS Employer Identification No.)
5th Floor Anderson Square
P.O. Box 1854
Grand Cayman, Cayman Islands B.W.I. N/A
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (345) 949-8177
============================================================================
<PAGE>
PAGE 2
Item 5. Other Events
------------
On July 16, 1999, Chandler Insurance Company, Ltd. announced
that its subsidiary Chandler (U.S.A.), Inc. ("Chandler USA")
has completed a public offering of $24 million principal
amount of senior debentures with a maturity date of July 16, 2014.
The debentures were priced at $1,000 each with an interest rate
of 8.75% and are redeemable by Chandler USA on or after July 16,
2009 without penalty or premium. The debentures have been
approved for listing on the American Stock Exchange. Standard
& Poor's has assigned the debentures a rating of "BBB". The
proceeds to Chandler USA before expenses but after the
underwriter's discount were $23.16 million. The proceeds of
the offering were used to repay existing bank debt, to repay
amounts owed by Chandler USA to its parent Chandler Insurance
(Barbados), Ltd. (which is a subsidiary of Chandler Insurance
Company, Ltd.), and for general corporate purposes.
<PAGE>
PAGE 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned.
CHANDLER INSURANCE COMPANY, LTD.
Date: July 19, 1999 By: /s/ W. Brent LaGere
--------------------------
W. Brent LaGere
Chairman of the Board, President and
Chief Executive Officer
(Principal Executive Officer)
