Progressive intends to sell $850 million fixed-rate senior notes

By Devika Patel

Knoxville, Tenn., April 3 – Progressive Corp. plans to price $850 million of fixed-rate guaranteed senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

The notes feature a make-whole call and are then redeemable at par.

The bookrunners are BofA Merrill Lynch and Credit Suisse Securities (USA) LLC. Deutsche Bank Securities Inc. and Goldman Sachs & Co. are the co-managers.

Proceeds will be used to redeem all $563.7 million of the company’s 6.7% fixed-to-floating rate junior subordinated debentures due 2067.

Progressive is an insurance 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.