By Aleesia Forni
Virginia Beach, Nov. 18 - ProAssurance Corp. priced $250 million of 5.3% senior notes (Baa2/BBB+/) due Nov. 15, 2023 at par to yield Treasuries plus 262.5 basis points, according to an FWP filed with the Securities and Exchange Commission on Monday.
The joint bookrunners were Goldman Sachs & Co., Wells Fargo Securities LLC and U.S. Bancorp Investments Inc.
Proceeds will be used for general corporate purposes.
ProAssurance is a holding company for property and casualty insurance companies focused on professional liability insurance. It is based in Birmingham, Ala.
| Issuer: | ProAssurance Corp.
|
| Amount: | $250 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 15, 2023
|
| Bookrunners: | Goldman Sachs & Co., Wells Fargo Securities LLC, U.S. Bancorp Investments Inc.
|
| Co-managers: | BB&T Capital Markets, J.P. Morgan Securities LLC
|
| Coupon: | 5.3%
|
| Price: | Par
|
| Yield: | 5.3%
|
| Spread: | Treasuries plus 262.5 bps
|
| Trade date: | Nov. 18
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Make-whole call: | Treasuries plus 40 bps
|
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