By Devika Patel
Knoxville, Tenn., Feb. 28 – Progressive Corp. sold $600 million of 4.2% senior notes (A2/A/A) due March 15, 2048 on Friday at a spread of Treasuries plus 110 basis points, according to an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.173 to yield 4.249%.
The bookrunners were Credit Suisse Securities (USA) LLC and Goldman Sachs & Co.
Proceeds will be used for general corporate purposes.
Progressive is an insurance company based in Mayfield Village, Ohio.
| Issuer: | Progressive Corp.
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| Amount: | $600 million
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| Description: | Senior notes
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| Maturity: | March 15, 2048
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| Coupon: | 4.2%
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| Price: | 99.173
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| Yield: | 4.249%
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| Spread: | Treasuries plus 110 bps
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| Call feature: | Make-whole call at Treasuries plus 20 basis points until Sept. 15, 2047, then a par call
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| Bookrunners: | Credit Suisse Securities (USA) LLC and Goldman Sachs & Co.
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| Co-managers: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC
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| Trade date: | March 9
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| Settlement date: | March 14
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| Ratings: | Moody’s: A2
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| Standard & Poor’s: A
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| Fitch: A
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| Distribution: | SEC registered
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