By Cristal Cody
Tupelo, Miss., Oct. 18 – Progressive Corp. sold $550 million of 4% senior notes due March 1, 2029 at 99.828 to yield 4.021% on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The notes due (A2/A/A) priced with a spread of 85 basis points over Treasuries.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC 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: | $550 million
|
| Description: | Senior notes
|
| Maturity: | March 1, 2029
|
| Bookrunners: | Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
|
| Co-managers: | Credit Suisse Securities (USA) LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC
|
| Coupon: | 4%
|
| Price: | 99.828
|
| Yield: | 4.021%
|
| Spread: | Treasuries plus 85 bps
|
| Call feature: | Make-whole call before Dec. 1, 2028 at Treasuries plus 15 bps; thereafter at par
|
| Trade date: | Oct. 18
|
| Settlement date: | Oct. 23
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
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