By Cristal Cody
Eureka Springs, Ark., Aug. 22 – Progressive Corp. priced $500 million of 2.45% senior notes due Jan. 15, 2027 with a spread of 92 basis points over Treasuries on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A/A) priced at 99.965 to yield 2.454%.
Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. were the bookrunners.
Proceeds will be used for general corporate purposes.
Progressive is an insurance company based in Mayfield Village, Ohio.
| Issuer: | Progressive Corp.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | Jan. 15, 2027
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.
|
| Coupon: | 2.45%
|
| Price: | 99.965
|
| Yield: | 2.454%
|
| Spread: | Treasuries plus 92 bps
|
| Make-whole call: | Treasuries plus 15 bps
|
| Trade date: | Aug. 22
|
| Settlement date: | Aug. 25
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC Registered
|
© 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.
