By Devika Patel and Cristal Cody
Knoxville, Tenn., June 10 – Assurant Inc. priced $350 million of 2.65% notes (Baa3/BBB) due Jan. 15, 2032 at Treasuries plus 120 basis points on Thursday according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.842 to yield 2.667%.
The notes were talked in the area of Treasuries plus 155 bps.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used, with cash on hand, to redeem all or a portion of the company’s $350 million 4% senior notes due 2023.
Assurant is a New York-based provider of risk management products and services.
| Issuer: | Assurant Inc.
|
| Amount: | $350 million
|
| Description: | Notes
|
| Maturity: | Jan. 15, 2032
|
| Bookrunners: | J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Co-managers: | U.S. Bancorp Investments Inc., BMO Capital Markets Corp., KeyBanc Capital Markets Inc., Scotia Capital (USA) Inc., Barclays, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Lloyds Securities Inc. and Morgan Stanley & Co. LLC
|
| Coupon: | 2.65%
|
| Price: | 99.842
|
| Yield: | 2.667%
|
| Spread: | Treasuries plus 120 bps
|
| Call: | Make-whole call at Treasuries plus 20 bps until Oct. 15, 2031, then a par call
|
| Trade date: | June 10
|
| Settlement date: | June 14
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Guidance: | Treasuries plus 155 bps area
|
|
|
© 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.
