Progressive plans fixed-rate notes in two parts via four bookrunners

By Devika Patel

Knoxville, Tenn., March 17 – Progressive Corp. plans to price fixed-rate senior notes in two tranches, according to a 424B5 filing with the Securities and Exchange Commission.

The notes feature a make-whole call and are then redeemable at par.

The bookrunners are BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC.

Proceeds will be used for general corporate purposes, including to redeem the company’s $500 million of senior notes, in whole or in part, prior to their scheduled maturity in August 2021.

Progressive is an insurance company based in Mayfield Village, Ohio.

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