Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers K > Headlines for Kemper Corp. > News item |
Kemper offers minimum $100 million $25-par 40-year subordinated debentures; talk 7 3/8%-7½%
By Stephanie N. Rotondo
Phoenix, Feb. 20 - Kemper Corp. intends to sell a minimum of $100 million of $25-par subordinated debentures due 2054 (expected ratings: Ba1/BB), according to a prospectus filed with the Securities and Exchange Commission on Thursday.
Price talk is 7 3/8% to 7½%, according to a trader.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.
Interest will be payable quarterly, but those payments can be deferred for up to five consecutive years.
The notes will become redeemable in 2019 at par plus accrued interest. The company can also redeem the debentures in whole within 90 days of a rating agency or tax event.
The Chicago-based insurance company will apply to list the notes on the New York Stock Exchange.
Proceeds will be used for working capital and general corporate purposes, which may include retiring a portion of debt on or before its maturity.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.