By Aleesia Forni
Virginia Beach, Sept. 2 – Alleghany Corp. sold $300 million of 4.9% senior notes (Baa2/BBB/) due 2044 on Tuesday with a spread of Treasuries plus 178 basis points, according to an informed source and an FWP filed with the Securities and Exchange Commission.
The notes sold at the tight end of talk.
Pricing was at 99.314 to yield 4.944%.
BMO Capital Markets Corp., Goldman Sachs & Co., Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc. were the bookrunners.
Proceeds will be used to redeem a portion of Transatlantic Holdings, Inc.’s 5.75% senior notes due December 2015.
Alleghany is a New York City-based property and casualty insurer.
| Issuer: | Alleghany Corp.
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 15, 2044
|
| Bookrunners: | BMO Capital Markets Corp., Goldman Sachs & Co., Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc.
|
| Coupon: | 4.9%
|
| Price: | 99.314
|
| Yield: | 4.944%
|
| Spread: | Treasuries plus 178 bps
|
| Make-whole call: | Treasuries plus 30 bps prior to March 15, 2044, then callable at par
|
| Trade date: | Sept. 2
|
| Settlement date: | Sept. 9
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor's: BBB
|
| Price talk: | Treasuries plus 180 bps area, tightened from Treasuries plus 187.5 bps area
|
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