By Aleesia Forni
Virginia Beach, Jan. 21 – Progressive Corp. sold $400 million of 3.7% 30-year senior notes (A2/A+/A) on Wednesday at Treasuries plus 130 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
The notes sold at the tight end of guidance.
Pricing was at 99.479 to yield 3.729%.
Goldman Sachs & Co. was the bookrunner.
Proceeds will be used for general corporate purposes.
The insurance company is based in Mayfield Village, Ohio.
| Issuer: | Progressive Corp.
|
| Amount: | $400 million
|
| Description: | Senior notes
|
| Maturity: | Jan. 26, 2045
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 3.7%
|
| Price: | 99.479
|
| Yield: | 3.729%
|
| Spread: | Treasuries plus 130 bps
|
| Make-whole call: | Treasuries plus 20 bps
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 26
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A+
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price talk: | 130 bps to 135 bps
|
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