Progressive eyeing $350 million of 30-year bonds for Tuesday pricing

By Aleesia Forni

Virginia Beach, April 22 - Progressive Corp. is planning to sell a $350 million offering of 30-year senior notes on Tuesday, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

Goldman Sachs & Co. is the bookrunner.

Proceeds will be used for general corporate purposes, which may include the repurchase of the company's outstanding securities and repayment or redemption of outstanding debt.

The insurance company is based in Mayfield Village, Ohio.

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