By Andrea Heisinger
New York, Sept. 15 - Alleghany Corp. priced $300 million of 5.625% 10-year senior unsecured notes late on Wednesday to yield Treasuries plus 295 basis points, an informed source said.
The notes (Baa2/BBB/) priced at 99.631 to yield 5.674%. They have a make-whole call at Treasuries plus 45 bps.
US Bancorp Investments, J.P. Morgan Securities Inc. and Wells Fargo Securities were the bookrunners.
Proceeds will be used for general corporate purposes.
The insurance company is based in New York City.
| Issuer: | Alleghany Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $300 million
|
| Maturity: | Sept. 15, 2020
|
| Bookrunners: | US Bancorp Investments, J.P. Morgan Securities Inc., Wells Fargo Securities
|
| Coupon: | 5.625%
|
| Price: | 99.631
|
| Yield: | 5.674%
|
| Spread: | Treasuries plus 295 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 20
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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