Progressive intends to price offering of fixed-rate senior notes

By Mary-Katherine Stinson

Lexington, Ky., May 22 – 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 option until some months before maturity and then a par call option.

Goldman Sachs & Co. LLC and J.P. Morgan Securities 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.

© 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.