Progressive intends to price offering of fixed-rate senior notes

By Marisa Wong

Los Angeles, March 2 – Progressive Corp. is offering fixed-rate senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will feature a make-whole call and then a par call.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Siebert Williams Shank & Co., LLC are the joint bookrunners.

U.S. Bank Trust Co., NA is the trustee.

Legal counsel for the issuer regarding the notes is provided by Baker & Hostetler LLP. Counsel for the underwriters is Sullivan & Cromwell LLP.

Proceeds will be used for general corporate purposes.

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

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