By Andrea Heisinger
New York, June 21 - Alleghany Corp. was in the market on Thursday with a $400 million sale of 4.95% 10-year senior notes at 335 basis points over Treasuries, a source close to the deal said.
The notes (Baa2/BBB/) were priced at 99.898 to yield 4.963%. There is a make-whole call at Treasuries plus 50 bps.
Bookrunners were Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.
Proceeds will be used for general corporate purposes.
Alleghany, a New York City-based insurance company, was last in the market with a $300 million sale of 5.625% 10-year notes on Sept. 15, 2010 priced at 295 bps over Treasuries.
| Issuer: | Alleghany Corp.
|
| Issue: | Senior notes
|
| Amount: | $400 million
|
| Maturity: | June 27, 2022
|
| Bookrunners: | Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
|
| Coupon: | 4.95%
|
| Price: | 99.898
|
| Yield: | 4.963%
|
| Spread: | Treasuries plus 335 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | June 21
|
| Settlement date: | June 26
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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