By Andrea Heisinger
New York, Sept. 12 - Infinity Property & Casualty Corp. was in the market Wednesday with an upsized $275 million issue of 5% 10-year senior notes, pricing them at par, an informed source said.
The deal size was increased from $250 million.
The notes (Baa2/BBB/BBB) were sold at a spread of Treasuries plus 323.5 basis points. There is a make-whole call at 50 bps over Treasuries.
Barclays and Goldman Sachs & Co. were the bookrunners.
Proceeds from the sale will be used to redeem up to $210 million of 5.5% 10-year notes due on Feb. 18, 2014 and for general corporate purposes.
The holding company for personal auto insurance subsidiaries is based in Birmingham, Ala.
| Issuer: | Infinity Property & Casualty Corp.
|
| Issue: | Senior notes
|
| Amount: | $275 million, increased from $250 million
|
| Maturity: | Sept. 19, 2022
|
| Bookrunners: | Barclays, Goldman Sachs & Co.
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | Treasuries plus 323.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Sept. 12
|
| Settlement date: | Sept. 17
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
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